Best Buy-To-Let Mortgages

Here we take a look at the top mortgages for Buy-To-Lets currently available, and some of the advantages and disadvantages. Read more

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Seven in ten towns ‘unaffordable’ for FTBs

Property buyers are still suffering from high housing prices, with public sector workers unable to buy homes in seven out of ten towns in the UK, according to one report.

The Halifax bank has claimed that, by dividing average and regional property prices by annual wages, there are many unattainable areas in London and the south-east in particular for first-time buyers (FTBs).

So-called key workers – those in public sector position such as nurses, teachers, firefighters and police – are particularly suffering from high mortgage costs, as costs for a first home continue to increase beyond the financial reach of many.

And according to the Halifax, 363 of the 517 towns and local authorities surveyed were deemed unaffordable.

But while several mortgage lenders have recently been trying to address this concern, offering huge mortgages equal to six times the salary of the borrower, the market is showing little sign of slowing down.

The number of buy-to-let mortgages are set to continue to increase as wealthier and professional house buyers continue to snap up affordable property in order to rent them out.

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Buy-to-let insurance risk warning

With buy-to-let investments becoming an increasingly attractive proposition for consumers, Sainsbury’s Bank is encouraging landlords to ensure they are adequately covered.

With figures from the Council of Mortgage Lenders showing that the number of buy-to-let mortgages has increased to 21 per cent, there are also now believed to be more than three million privately rented properties in the UK.

With the properties being worth a collective £510 billion, landlords are being advised in the strongest terms to ensure that they take out a comprehensive insurance policy.

Sainsbury’s Bank policies ensure against rental income of up to £20,000, while also providing contents cover of up to £40,000.

“Robert O’May, home insurance manager at Sainsbury’s Bank, said: “There has been huge growth in the number of properties rented out and it’s a lucrative venture for many.

“It’s therefore important for landlords to pick a good home insurance policy to protect their investments,” he added.

Tags: manager, income, venture, good home insurance, warning, buy to let mortgages, insurance policy, home insurance