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Thursday 28th February 2008
Buy-to-let investors will have to pay more for a mortgage due to the credit crunch.
Figures from the financial website show that the average initial deposit required from borrowers has risen over the past year, from 17 per cent to 20 per cent.
This counteracts the slight fall in overall house prices detected over the past few months.
Keeping initial deposits low and the amount borrowed high is especially important to the investors due to the tax burden exerted on them if they pay more up front.
Commenting on the figures, senior analyst at Moneyfacts.co.uk Alan Harper said: "Moneyfacts.co.uk research shows that landlords have not escaped the fallout from the credit crunch.
"For individuals who are not existing homeowners and who are looking to buy-to-let on their first property, the market is…restrictive."
Moneyfacts.co.uk also said yesterday that half of by-to-let lenders were no longer offering home loans to first time buyers.
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