Are we going to see a return of lending for the BTL
sector?It seems that way.We are getting:
More products
Better rates
More lenders
The competition is hotting up and there is only one winner:
YOU!
Competition is great.It drives prices down and delivers great value to the borrower.If it gets too competitive, like back in
2007, the lenders put themselves out of business!
I have some Mortgage Express mortgages that should never
have been written and I have heard of some investors on 0.29% above base for
LIFE!
So margins will get driven down over time.You can already see it.Rates are well below 6% on buy to let and
yields can be got at 10%+ if you look hard enough.
So who will actually benefit from this increased
competition?Well put quite simply those
who persist and ASK FOR IT.I have been
trying to arrange my own finance and frankly EVERYONE said no.I was too much of a risk.However with a few tweaks I have managed to
get finance from a bank that originally said no.
I had to simply ask THREE times.First was a straight No.Then I went to another branch and they said
no.Then I asked with my partners’ name through
a trusted contact and they said yes.
All during this time I was asking other banks.Some were coming back to me but I was getting
LTVs of 55% and they wanted additional security.But none beat my fellow investor’s offer of
25% LTV!Can you believe it?25% LTV loans.Why bother?
So now I have found a large lender who will lend and at
favourable terms therefore there is no reason why I cannot double or even
treble my portfolio over the next 12 months.And you know what – that is exactly what I am going to do.
So I hope my story inspires you to GET ASKING.Hardly anyone can buy a property with cash as
no one really has that money lying about.Therefore you need assistance to buy so put your hand out and ask for
the help.No man is an island you know………