This growth reflects the increased appetite for buy-to-let properties amongst investors.
According to the CML, buy-to-let borrowing set new records in the first half of this year, with an increase of 17 per cent by volume on figures for the first half of 2005.
While there has been growth across the buy-to-let market, GMAC-RFC’s growth in market share is believed to have been driven by its buy-to-let criteria which includes 89 per cent loan-to-value (LTV) and flexible rental assessment to 100 per cent.
David Dawkins, product development manager at GMAC-RFC, commented: “We are delighted with our speedy rate of growth in this sector. This expansion is in large testament to our changes made to simplify our buy-to-let range earlier this year. As a result we have been able to open our criteria up to an increasing number of borrowers in the buy-to-let sector. We also know that this increase is also down to our superior technology and first class service.”
He addaed: “We expect to see the buy-to-let sector continue to grow in the second half of 2006 and through into the new year.”
