Three in 10 UK landlords plan to look for additional buy to let lending or to re-mortgage in the next three months, yet many may not gain access to finance, it has been revealed.
According to the latest report from the National Landlords Association (NLA) some 67% of landlords rely on a buy to let mortgage to fund their portfolio.
However, one in five, or approximately 300,000, landlords have not been able to expand due to difficulties in accessing buy to let finance over the last year.
Furthermore, 59% say that lenders fail to consider their individual circumstances, and 56% that current buy to let lending criteria is too conservative.
“A significant number of landlords are having trouble accessing finance and expanding, which is a major concern because the private sector is vital in meeting the ever increasing demand on housing at the moment,” said NLA chairman Carolyn Uphill.
“Many landlords are frustrated as lending criteria is too prescriptive. There’s no one size fits all mortgage, and as the leading landlord association in the UK we understand that landlords need access to a range of products that meet their specific individual circumstances.”
The NLA provides its own online buy to let mortgage search facility which sources from more than 600 mortgage products to help landlords.
Mortgage schemes that are not available in the general marketplace are also available through NLA Mortgages, all via the NLA website.
“We urge any landlords who are having difficulty in finding a mortgage that meets their needs to get in touch to see how NLA Mortgages can help,” added Carolyn.