Why buy to let mortgages at Principality continue to appeal
By Peter Caldicott - Key Account Manager, Principality Building Society
At Principality Building Society, application data in the last month suggest that both their buy to let and holiday let mortgages are continuing to sustain previous levels of demand despite the market turbulence over the last 8 months.
It’s not surprising as their criteria aligns with some of the top criteria searches for buy to let mortgages reported by Mortgage Brain at the recent Power of 8 mortgage providers event* at the Principality Stadium in Cardiff. As well as accepting first time landlords and considering a mortgage term until the eldest applicant is 85, they provide mortgages up to 75% loan to value on repayment mortgages or interest only.
Sustained demand for these mortgages is also reflected in the applications brokers are making. In April, a mortgage broker survey ** reported that 93% of the 400 brokers surveyed had arranged a buy to let mortgage in the period from November 2022 to January 2023. In June 2022, this figure was 94% and in October 2021 it was 92%. All indicating how resilient this sector of the mortgage market is.
*Mortgage Brain buy to let searches total 108,098 from 1 December 2022 until 28 February 2021 **IFF Research Broker Wave 3 -April 2023 *** IFF Research Broker Wave 2 - June 2022 **** IFF Research Broker Wave 1 - October 2021.
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