Every seventh mortgage is buy to let, more than double the number in 2001, according to new figures.
Paragon Mortgages data shows that in June 2001 buy to let mortgages comprised 6% of the business conducted by mortgage advisers. This figure rose to 10% in December 2004, and presently buy to let makes up 14% of all mortgages .
The buy to let business is a busy business, which has seen a constant upward trend over the past 18 months. Landlords are aware that long term demographic trends underpin the private rented sector, adding to existing portfolios and tenant demand.
As buy to let has boomed, first time buyers have missed out.
1 in eleven mortgages is sold to a first time buyer, Paragon's data shows, which is 22% fewer than 6 months ago and 50% less than five years ago.
The last three months have witnessed an increase in mortgages for existing homeowners who wish to move, from 23% to 25% of the business done by mortgage advisers .
Remortgaging still comprises most of the business conducted by advisers. However, it has decreased from 54% of total business in September 2005 to 51% now
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