God I knew this day would come.  You can mark yesterday the 10^th  of May 2010 as a very special day for buy to let.

 

Yesterday was the day that was marked as the day that buy to let turned.

 

Yesterday a large lender started to offer:

 

80% LTV buy to let mortgages!

 

The rate is extremely sensible at 4.69%.  This lender ain’t:

 

·        No small building society that you have never heard of who lend to one customer every month

·        No private finance company charging super high fees cashing in on our desperation

·        A bridging company masking themselves as a buy to let lender

 

This is The Mortgage Works!  To those who don’t know it is Nationwide.  To those who don’t know they are the LARGEST lender in the UK.  To say they have massive lending capability would be an understatement.

 

This is going to send massive signals out to the mortgage market.  The Nationwide have HUNDREDS of analysts who are economists, accountants and forecasters who have worked the numbers and said:

 

YYYYYEEEEESSSSSSSSS

 

To higher LTV financing to the buy to let sector.

 

The Nationwide experts have realised we have hit the bottom of the market.  Thus if they lend the risk of losing their capital is worth the low return of 4.69%.

 

So if you want a clear signal that the market is recovering then you cannot get better than this.

 

All we have to do now is wait for Halifax to come out with something now which I suspect will be very soon as their market share will go up in flames if they do not act quick.

 

Good bye and farewell to Birmingham Midshires (part of the Halifax Group) and hello The Mortgage Works!

 

To get zero deposit properties contact my team.

 

Ajay

 

 

Posted on: 11th May 2010