Buy-to-let optimism soars in October
According to Tan The Buy to Let Business has seen October applications increase by a quarter (24%) this month compared to September.
He expects lenders’ criteria to loosen going forward, as rates have already been slashed.
Tan said: “There seems to be great optimism in the market; there seems to be a rate war.
“With new competition coming in I expect lenders to loosen criteria rather than decrease rates.
“It’s a positive time to be involved in buy-to-let, but more importantly it’s a sustainable increase.”
He predicted buy-to-let lending totals of £25-26bn in 2014, which he pointed out is a far cry from the industry’s pre-credit crunch peak of £44bn.
Tan added: “Buy-to-let is doing well – we are going to have a record month for October as applications have increased by 24%.”