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Buy to let mortgages back on the agenda

The Mortgage Works, the specialist lending division of the Nationwide Building Society, has today opened up a new chapter in the buy to let mortgage market. For months now many landlords have been struggling to remortgage their properties but it seems that The Mortgage Works is happy to take on new business offering 80% mortgages from today - which is an improvement on the previous 75% cap.

While this is only a small move in the right direction it has been welcomed by many in the marketplace as a suggestion that competition is returning, as is confidence. It is hoped that many others in this specialist sector will now open their doors for new business and loosen their purse strings in the short to medium term. An increase in the prospects for remortgaging should see more landlords taking their properties off the market and should hopefully reduce pressure on prices.

The buy to let mortgage market has been obliterated by the recession and the credit crunch with many landlords unable to refinance and falling into deep financial distress. However, hopes are high that this movement by one of the main players in the market could herald a return to better times.

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