I have been very busy over the last month and also have been monitoring closely what has been happening with the mortgage market. On a recent event I was runnig one of the attendees I spoke to had reserved three off plan flats and had been told by the company he has bought through that getting an 85% BTL mortgage was not a problem.
Actually, at present, due the the credit crunch and the way off-plan properties have been exploited through certain companies in the last 24 months the mortgage market has clamped down on its lending on new builds.
For flats, LTV have dropped to around 75% and there are only a few lenders that are prepared to lend.
SO BE CAREFUL IF CONSIDERING NEW BUILD FLATS - in particular up in the north of england. ALSO - we are seeing that certain valuation companies are being very conservative with there valuation figures on such properties. Again - this can cause problems for the potential buyer.
