Archive for February, 2008

A new spark of life t=for the buy to let market, with an attractive rate
A lower rate buy to let mortgage deal has been launched by Mortgage Next, enabling qualifying applicants that want to get on to the buy to let bandwagon to get a mortgage with an interest rate of 6.29%. The rate is set for a two year period, and reflects a 0.96% discount.

The interest rates on buy to let mortgages is generally higher than on standard mortgages, so many buy to let consumers may find this to be a competitive deal. The mortgage is actually funded through Mortgage Express. There is a cost to set up the mortgages, which comes to £1,999. There is also a minimum borrowing limit of £40,000, and a deposit of 15% is required from the borrower.

One official stated: “A recent report issued by the Association of Residential Letting Agents confirms that 94% of property investors are confident that tenant demand will remain high and 40% expect to make further investments this year. This product will appeal not only to investors who are contemplating taking advantage of lower house prices to increase the size of their property portfolios, but also landlords who are considering remortgaging their existing buy-to-let deals.

Here’s an update of how many of us own a second property, from the thrifty Scot

A recent report has shown the level of wealth that Brits have tied up in property with figures showing that around 5% of adults in Britain have a second home within the UK. This equates to more than £2 million adults in Britain owning a second home.

Often this is homeowners that reside mainly in the city having a second home in the country, or homeowners that reside mainly in the country having a second home in the city.

The data comes from the Office for National Statistics. The report also shows that many people that have second homes in the UK have one main property in which they live and one buy to let property, which is often a flat in the city centre. The information formed part of the Wealth and Assets Survey from the Office for National Statistics.

Around 7% of those that own a second home come from the South East, where the ownership of a second home is more likely. In the North-East, North-West and the Midlands around 3% of adults owned a second property. Many also own second properties in other countries according to the report.

The report suggested that the most popular destinations for a second home within the UK included the Norfolk, Devon, and Cornwall coasts, and amongst the most popular destination abroad were France, Spain, and Florida