Despite the slowdown in lending levels this year, Mortgage Express has reported a 200% increase in its buy-to-let lending business for the first three months of the year compared to last year.
Tim Dawson, managing director of Mortgage Express, said: ‘I believe it is down to a couple of reasons. First, the stock markets are still shaky and cannot be guaranteed to give a reliable return, whereas people investing in property ‘ provided they are in it for the long term ‘ have seen regular income from their rented properties, plus capital growth in most areas. Second, we have been able to develop award winning products which give investors what they want.’
l Record lending levels in the UK last year allowed Mortgages plc to complete applications worth £546.5m in 2002, an increase of 182% on the previous year.
