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Buy-to-let mortgage holders expect growth
Thu, 06 Oct 2005
The buy to let mortgage market is booming with landlords expecting growth in the next year, according to a survey.

Research by Paragon Mortgages found that landlords expect their portfolios to grow by five per cent in 12 months, up from the 2.5 previously thought.

The survey said that landlords will own, on average, 12.2 properties worth £1.52 million, up from £1.45 million currently. The mortgage lender said that it was the best growth reported all year.

John Heron, managing director of Paragon Mortgages, says: "We're clearly now in a more buoyant phase for landlords . The market has proved more resilient than many people expected, and we're definitely seeing a bounce back in buy to let .

He said that this growth in buy to let mortgages is "to a significant extent" one of the results of lower financing costs after the Bank of England announced its interest rate cut.

He said buy to let mortgages are offered at very competitive prices, either on a fixed or variable mortgage rates. "This has fed through into the recent resurgence of activity," Mr Heron concluded.

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