Eleanor Williams, finance expert at Moneyfacts, said: “As we pass the 25th anniversary of the first BTL mortgages as we know them, our data gives landlords cause for positivity.”
Upon receiving the full applications, the formal offers were issued in three working hours.
It will now lend up to £3m for an MUB property at 70% LTV and £2m for a new build property at 70% LTV.
West One said this is a key step in its growth strategy for 2021 as it continues to open up its proposition to networks and mortgage clubs.
Each year, £21.4bn is generated in rental income in the capital, equating to 4.3% of the region’s GDP.
This was revealed during an interview conducted by Rob Jupp, chief executive of Brightstar.
More than half of landlords surveyed (55%) intend to increase rents in the coming 12 months.
For both products the society has a limited distribution model and it accepts mortgage applications from all intermediaries based its heartland area (Cumbria, Yorkshire, Tyne & Wear, Northumberland, Durham & Lancashire).
Research from Mortgage Broker Tools (MBT) found that the broker community is potentially missing out on £35.6m of additional proc fee income.