Online mortgages best bet for buy to let

14 September 2005
Experienced investors are looking to the internet to get the best deals on mortgages, a survey says.

Research by independent mortgage experts, John Charcol, shows that online mortgage deals are steadily increasing, with buy to let deals up 17 per cent in August from the previous month.

Spokesman for the mortgage experts' online service Charcolonline, Drew Wotherspoon, said: "I think it is clear that more and more borrowers are becoming very astute in the way they arrange their mortgages. Buy to let, after all, is about yields and profit, so arranging a mortgage online makes logical sense. We are dealing with experienced professionals who know and follow the market, so I am not surprised that a greater proportion are going online to arrange finance."

Buy to let mortgages have become more popular in recent years as increasing house prices, a strong demand for rental properties and drop in interest rates available to private landlords make the prospect of taking out mortgages for buy to let more attractive.

A number of first time buyers also found the internet to be a quick and effective means of finding a good deal on mortgages, according to the survey. August figures showed an increase compared to the first six months of the year.

Remortgaging still accounted for over half of online borrowing last month, making it the most popular type of borrowing.

To read more about Buy to Let mortgages, click here.

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