Landlords and letting agents in Dorset could be set for another good year as demand from tenants looks set to continue to rise.
Rental prices across the UK hit a record high* last year and, while the average rental cost dropped slightly at the end of 2011, local lender Teachers Building Society is expecting buy-to-let enquiries to increase this year.
Alan Gravett, head of sales and marketing at Teachers Building Society, says “We have recently made our mortgage products available to people living in Dorset, including our competitive Buy-to-Let mortgage. The property market in Dorset generally has weathered the downturn reasonably well and with the large number of students now in areas such as central Bournemouth, not to mention the fast approaching Olympics, we are expecting the Buy-to-Let market to be very buoyant in Dorset this year.”
3.99% Discounted Buy-to-Let mortgage from Teachers Building Society:
- Variable rate is discounted by 1.75% for the first two years then changes to our Buy-to-Let standard variable rate which is currently 5.74% and remains on our variable rate terms for the rest of the mortgage
- Overall cost for comparison is 5.8% APR
- Arrangement fee of £1,499 is payable with the application
- An Early Repayment Charge of 5% will be applied during the first two years but will be waived if the Society exceeds any Bank of England Base Rate increase
- Maximum 75% Loan to Value ratio
- A valuation fee is payable
- You can overpay by up to 20% of the loan outstanding per calendar year without charge
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE