Published by the Bank of England last months “Trends in Lending” highlights how mainstream Lenders are filling their boots with buy to let mortgages. BTL was hit hard by the financial crisis as lending was then the preserve of specialists who had to exit the market when access to wholesale funding dried up. So why are the main stream Lenders piling into BTL? Firstly, interest rates charged are typically higher than for an owner-occupier loan. Secondly, repossession is much easier if the loan goes sour. Both spell more profit for the Banks but at what cost to Society at large?
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