Buy to let scheme a success
04/10/2006 - Buy to let mortgages reach a ten year milestone
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More than a million households now live in properties rented out by small private landlords. The need for workers to top up their old age pensions has meant that renters now have far more choice with many properties being of a far higher standard than were available previously.The concept was invented by several mortgage lenders in September 1996 and the Association of Residental Letting Agents.
A recent report showed that two thirds of privately rented dwellings are owned by one person rather than landlords with multiple properties as was previously more common. Most investors are young with the median age being early 40's. Figures released from the Council of Mortgage Lenders show that buy to let borrowing hit a record high of £17.5 billion in the first half of 2006.
