One of the biggest growth areas in the buy to let mortgage market in recent years has been the increase in the number of first time buyers coming into the sector. With more and more young people choosing to rent for longer in fashionable areas where property prices are high, many young people are purchasing properties elsewhere in a bid to get onto the property ladder.
The growing phenomenon typically sees young professionals in big cities such as London, where property prices are prohibitive to first time buyers, purchasing a property in a provincial town where prices are much lower. Not only does this offer the opportunity of price rises substantially boosting the eventual sale price, but the investment means that individuals can supplement their own income and even have a property to retire to later in life.
This is another factor which is helping to increase the demand for buy to let mortgages and the range offered by lenders is growing all the time.
