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2000 BTL products on eMoneyfacts.co.uk

eMoneyfacts.co.uk has now hit 2,000 buy to let mortgage products on its site.

The online sourcing system put live its 2000th product as Chelsea building society’s ex-pat two-year fixed rate mortgage went on eMoneyfacts.

Senior analyst Alan Harper says: “This represents a continuation of the staggering growth in the sector over the past few years. Not only is there plenty of evidence indicating the volume of new buy-to-let borrowing is increasing, but buy-to-let is also claiming a much larger proportion of the UKs overall mortgage market.

“Figures from the Council of Mortgage Lenders indicate that, in the first half of 2004, buy-to-let accounted for around 8 per cent of the aggregate amount of new mortgage borrowing. In the first half of this year, that proportion had increased to nearly 11 per cent.

“Lenders are also reviewing their buy-to-let ranges with increasing frequency. Many take the opportunity to expand the range of products they offer whenever they reprice rates. Even specialist lenders in the sector, such as Mortgage Express, now have around six times as many products as a couple of years ago.

“More and more lenders are also entering niche product areas, such as bespoke products for student or holiday lets, or where the applicant is a limited company. The idea of mixing low interest rates with high fees or high rental income requirements, which a few years ago was seen as something of an innovation, is also now much more widespread.”

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