Buy to let mortgage approvals are going from strength to strength this year according to a new report. Figures from the Council of Mortgage Lenders (CML) show a 32% increase in the 1st quarter of 2012 compared with the same period last year. A total of 32,000 buy to let mortgages were approved, with a total value of £32 billion by high street lenders including Nationwide, Woolwich, Santander, Halifax and Royal Bank of Scotland. Easier lending criteria for landlords, falling property prices and rising rental yields have all converged to make renting a private property a very attractive prospect according to fixed fee estate agency, I Am The Agent.
Rebecca Peach, managing director of the Greenwich-based business said, “Rental demand is at an all time high and with banks now more willing to lend to property investors after several months of caution, there has never been a better time to take the plunge and become a private landlord. As property prices have fallen in most areas outside of London, there are some great value homes on the market ripe for property rental.”
The good news for private landlords wanting to rent a property online is a surplus of demand – industry stats show many homes are being let within hours with the average time from advert to signed lease just 12.7 days. According to the Residential Rental Price Index (RRPI), the average rental price of a two bedroom house in the UK in June 2012 is £1291 per month. A four bedroom property can command an average of £2661 as per RRPI figures. Some experts predict that non-homeowners in London dedicate as much as two thirds of their monthly income to rent, ensuring a robust market and strong rental yields for those tempted to apply for a buy to let mortgage on the back of recent bank approval levels.
The fixed fee estate agency, I Am The Agent has multiple properties suitable for buy to let purposes in towns and cities around the UK. Along with each property listed for sale, the agency provides a mortgage service via Capricorn Mortgages, part of the Capricorn Wealth Management group. This gives I Am The Agent clients easy access to impartial mortgage advice and the best deals in the marketplace. On each property listing a mortgage calculator shows available financing options and the chance to consult with a Capricorn Mortgage Broker at no cost. Would be landlords can use the mortgage calculator to search for invest property based on affordability, making the whole process straightforward and stress free.
Once a suitable property has been found and the finance secured, turning the mortgage into a money making vehicle can be easily achieved with savvy marketing. I Am The Agent offers a self-service letting facility, which makes it easy for new owners to rent a private property online and connect directly with prospective tenants. The advert can be placed as soon as the mortgage agreement is secured with images, a description and a copy of the EPC agreement uploaded online and then edited by the landlord as and when necessary. Advertising a property online with I Am The Agent puts the landlord in charge, meaning they can deal directly with interested parties and converse with prospective tenants themselves, cutting out agent fees and delays.
To browse all investment properties for sale, to use the mortgage calculator and to get started advertising a new rental property, visit http://www.iamtheagent.com