Mortgage market leaves landlords 'jaded'

Landlords in the buy-to-let market are being left jaded by the state of the mortgage market, a report has claimed.

New research from the Young Group suggested that many landlords are happy to keep hold of their existing property portfolios rather than pursue new investment opportunities.

A major reason for this is the lack of good deals on offer for mortgages, the organisation indicated.

During the third quarter of 2009, only 11 per cent of residential landlords looked at the mortgage market.

Also, just one in three landlords admitted that they look into their mortgage options every three months, with 27 per cent checking less than once per year.

Neil Young, chief executive of the Young Group, said; "It seems they may be jaded by current lending conditions and have taken their eye off the ball when it comes to tracking the mortgage market."

The firm has urged for landlords to pay more attention to mortgages in order to secure new deals before the base rate rises.

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