• “Rental demand continues to strengthen in my area of Worcestershire. If I could raise the deposits I would buy more BTL houses.”
• “The rental market is still very strong, [but] the banks are still reluctant to lend money to many would be buyers.”
• “I feel with 5 unencumbered properties, it would be easy for me to raise capital. But my position is very different from those landlords who still have BTL mortgages.”
While from those who said they felt less confident, comments included:
• “Bank still won’t lend or will lend under very unfavourable terms to us the customers.”
• “If the FSA abolishes self cert mortgages and 25% equity remains the norm then obviously it is a lot harder for landlords to get mortgages.”
• “’Greedy bankers’ are back to their normal practice, i.e. bonuses and mega profits based on not lending.”
James Davis, Upad’s CEO, commented: “Banks are still hoarding savers’ deposits; each of them is waiting for their competitors to make the first move. Whoever comes out with a buy-to-let finance at a sensible rate will gain a huge amount of business.
“Northern Rock reported a £200 million loss in the first half of 2010, mostly because they refused to open the gates to lending. Banks are stifling the marketplace for first time buyers, movers, investors and auction houses alike. If the UK housing market isn’t to stagnate, the government must force banks to start lending again, and soon.”
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