Buy-to-let optimism soars

Optimism in buy-to-let has increased in October as lenders clamour for business, managing director of The Buy to Let Business Ying Tan has said.

According to Tan The Buy to Let Business has seen October applications increase by a quarter (24%) this month compared to September.

He expects lenders' criteria to loosen going forward, as rates have already been slashed.

Tan said: "There seems to be great optimism in the market; there seems to be a rate war.

"With new competition coming in I expect lenders to loosen criteria rather than decrease rates.

"It's a positive time to be involved in Buy-to-Let, but more importantly it's a sustainable increase."

He predicted buy-to-let lending totals of £25-26bn in 2014, which he pointed out is a far cry from the industry's pre-credit crunch peak of £44bn.