New findings from the Residential Landlords Association suggest landlords are having difficulty in the buy-to-let mortgage market.
Difficulty
Of 141 members of the Residential Landlords Association questioned, A further 24% said they found it very difficult, with 22% saying they had to look around for a better deal.[1]
A combined 31% said that they were comfortable with the amount of time it took them to find a mortgage, with 14% describing it as easy and 17% saying it was fairly straightforward.[1]
Challenge
A major challenge facing newly appointed housing minister Mark Prisk is to negotiate a deal with banks to provide financial support to private landlords. This is crucial to stimulate the private rented sector in a period where more homes are required.
Residential Landlords Association Chairman Alan Ward welcomed the support of the Government but says the challenge of finance must be overcome quickly. Ward said: “We welcome the Government’s renewed commitment and interest in the opportunities that the private rented sector can play in meeting the country’s housing needs. However, this will not happen without financing from the banks.”[1]
He went on to appeal for and end “the difficulties in accessing finance between Government and the banks came to the end for the sake of those desperate for a roof over their heads.”[1]
[1] http://www.landlordtoday.co.uk/news_features/Half-of-landlords-finding-mortgage-market-difficult