Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
‘Unmortgageable’ Homes Attract Buy-to-Let Interest
A recent report highlights that buy-to-let investors are showing interest in UK homes considered ‘unmortgageable’ by many mainstream lenders. According to research from specialist lender Together, around 1.5 million residential properties in Britain fall into this category.
The research estimates that about 6% of the UK’s 28 million residential properties would be rejected by numerous high street banks due to not meeting standard lending criteria. These properties may require significant renovation or fall outside the typical requirements set by mainstream lenders.
For letting agents and inventory clerks, this trend could mean an increase in instructions involving properties that need substantial refurbishment or have unique characteristics. The report suggests that landlords prepared to renovate these difficult properties could find lucrative buy-to-let opportunities.
Letting professionals may wish to monitor this segment of the market, as the demand for services related to non-standard properties could rise if investor interest continues.
Source: Property118