First-time landlords hit a record high

1st November 2013

The number of first-time landlords seeking a mortgage is at the highest level since the start of the financial crisis, according to a survey by Paragon.

It said brokers reported that 27% of mortgage purchase applications between July and September involved first-time landlords - an estimated 6,100, the highest proportion since 2008 - compared with 22% or 4,664 in the previous three months. Meanwhile, research from John Charcol, the mortgage brokerage, has said that landlords are expected to borrow £20bn this year to fund house purchases as investors seek to capitalise on the recovery in the housing market

The Times