Buy-to-let bounces back | Money | The Guardian
Britain's lenders are turning their backs on first-time buyers and other traditional borrowers, and granting mortgages to landlords instead amid signs of a new buy-to-let bubble.
Northern Rock this week joined an expanding list of lenders, including a Lloyds Banking Group subsidiary, pushing out new buy-to-let loans on better terms, while Santander is also preparing to enter the market.
In an extraordinary admission, Nationwide – one of the biggest mortgage lenders – says it would rather give mortgages to landlords than first-time buyers. Matthew Wyles, the society's "distribution director", told an industry debate hosted by HSBC: "As a lender, we would rather lend 75% LTV [loan-to-value] on a buy-to-let mortgage to an experienced buy-to-let investor, than to a first-time buyer at 95% LTV."
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