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Cheap mortgages fuel West Brom boom

Date: Wed, 24 Aug 2005

Cheap mortgages are helping to boost demand for West Bromwich Building Society's buy-to-let products.

The company has reported a 46 per cent increase in buy-to-let demand over the past 12 months as property investors take advantage of lower borrowing rates.

The buy-to-let market had thought to be on the decline following recent figures from the Council of Mortgage Lenders (CML) showing that UK landlords were taking out fewer buy-to-let mortgages, however West Brom dispute this scenario.

"There have been a number of well-documented predictions recently about the demise of this market," said James Taylor, product manager West Bromwich Building Society.

"While the national story suggests that the market has slowed to some degree, as far as the West Brom is concerned, the market is still very much alive," he added.

It is expected that more people will take advantage of competitively priced buy-to-let mortgages as recent Bank of England interest rate cuts start to take effect.


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