Many individuals are seeking a buy to let mortgage that will allow them to earn money from renting out their property, data has revealed.
Research from Paragon Mortgages discovered intermediaries saw a rise in these products during the third quarter of the year.
The results of the Financial Advisor Confidence Tracking Index, which is completed on a three-monthly basis, noted the increase totalled 3.1 per cent.
Managing-director John Heron said: “Given the pressures on the private rented sector, it is important that landlords continue to be active purchasers and develop their portfolios.”
This may mean that more owners seek to compare mortgages in order to get the best possible deal.
There has also been an improvement in the availability of this finance, as 58 per cent of those quizzed noted buy to let mortgages are more readily available.
It follows the latest e.surv Mortgage Monitor, which noted mortgage lending conditions in the UK are tightening, with first-time buyer numbers in September dropping to their lowest levels since last November.
This may mean more people are forced to rent property until they have the finance to apply for their own mortgages.
