Boost for buy-to-let prospects

While banks and building societies cautiously begin to make more mortgages available to the residential market, the buy-to-let sector remains a shadow of its former self.  Latest figures suggest that since reaching its peak in September 2007, the number of buy-to-let mortgages available to existing and prospective landlords has slumped by almost 95%.  The niche lenders that formerly specialised in buy-to-let mortgages have been suffering as the wholesale money markets they rely upon to raise money to fund their lending have seized up.Mainstream lenders that might have previously dangled their feet in the buy-to-let pool have seen their priorities change: keeping their residential books ticking over is predominantly the focus for these banks at present.  Essentially, with a limited amount of funds at their disposal, it is the perceived safer borrower that are the banks’ greatest priority, with the buy-to-let market paying the price.It also the reason that interest rates payable on buy-to-let mortgages have seen far less generous reductions over the past year than those seen on residential products. However, with interest rates on savings account remaining low and confidence in the stock markets still in relatively short supply, despite the recent gains, investors are looking for alternatives.The dramatic decline in property prices means tempting opportunities abound for the prospective landlord.  Tenant demand is expected to remain high as those looking to take their first steps onto the property ladder remain unable to fulfil their dream. It is therefore unsurprising that enquiries from potential buy-to-let investors are reported to be on the rise. With such important factors falling into place, a renaissance is seemingly on the cards - however, key to any success is likely to involve securing one of the best buy-to-let mortgages around. A little research here, a little bit of luck there, and the buy-to-let rewards might be yours to reap.