As the demand for rental property isn’t going to drop anytime soon, it is vital that landlords give themselves as much opportunity as they can to connect with the market. This means arranging a buy to let mortgage, but given the challenges many people have in obtaining a mortgage, some landlords might have considerable concerns about their ability to arrange finance for a rental property purchase.
This might not be the case. A new study suggests there is a good range of options for landlords to consider when it comes to buy to let mortgages. This is fantastic news for landlords looking to enter the North London rental market, especially in areas like Finchley.
At David Harris & Co, we know the local market very well, and we know there is considerable rental demand for property in this area of London. If you are a landlord looking for rental options, come and speak with us. We have tenants looking for property, and we offer an extensive selection of property management services.
No matter the level of assistance you require, we are on hand to help you make the most of every opportunity.
Moneyfacts financial expert Rachel Springall says: “The buy to let sector has faced notable market turmoil, so it’s positive to see product choice gradually returning since the start of last month. A rise in choice could indicate an encouraging sentiment across lenders that appear to be adjusting their ranges to cater to landlords searching for a new deal. The cost for locking into a new fixed deal has risen since the start of October, and the overall average buy to let fixed rates across both two- and five-year terms sit above 6.0 per cent. So, despite product choice starting to return, landlords will be paying higher interest rates than if they secured a deal just eight weeks ago. There are high expectations that interest rates will come down in the weeks ahead, so it would not be too surprising if landlords wait a little longer before they refinance, particularly as we approach the end of the year.”
Rachel Springall concluded by saying; “However, since January 2020, rents have risen 19 per cent across Great Britain, equating to an extra £2,351 a year for tenants, according to a study by Hamptons. It’s essential any potential borrower seeks independent financial advice before entering any arrangement to ensure it’s the right choice for them.”
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
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