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Lending increases for landlord mortgages
The rising cost of first time buyer properties and a growing immigrant population has fueled the demand for rental properties. Buy to let mortgages increased during the latter part of 2007 and according to the Council of Mortgage Lenders, accounts for 12 per cent of gross mortgage lending. Figures showed a decrease in the number of owner occupiers in England by 83,000 during 2007 and the CML director general said he thought that buy to let properties where "fulfilling an important role".
Buy to let lending increased to £24.1 billion across a million mortgages. The largest provider of buy to let mortgages Bradford and Bingley has 20 per cent of the btl market. The chief executive of B&B has voiced an opinion that the rising costs of taking out a btl mortgage will deter new investors unless they have a much higher level of positive cash flow and are able to fulfill lenders' strict criteria. Only one lender currently offers a 90 per cent loan to value btl product.
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Grovelawn Financial is a trading name of Grovelawn Limited, which is authorised and regulated by the Financial Services Authority.
Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
Entered on the Financial Services Authority's Register — Register Number: 314204 — Consumer Credit Licence Number: 573287
The Financial Services Authority (FSA) do not regulate some types of buy to let, commercial, overseas mortgages, tax advice and credit or loans not secured on property.