Latest figures revealed for buy-to-let mortgages

Posted: 18 May 2009 11:18:43 GMT

Some 22,400 new buy-to-let mortgages were advanced in the first quarter of 2009, it has been revealed.

According to the Council of Mortgage Lenders (CML), the total number of outstanding buy-to-let home loans at this stage was 1,155,200.

Overall, buy-to-let activity accounted for six per cent of all mortgage lending during the period - 12 per cent down on last year's equivalent figure.

The trends echo the comments of Property Hawk website editor Chris Horne, who recently suggested that despite strong demand from landlords, lenders are less willing to provide the finance for this type of product than they were 18 months ago.

CML director general Michael Coogan said it was not surprising to see buy-to-let mortgage lending figures drop year-on-year, but he said the sector is vital for the whole industry.

"In the wake of the Rugg Review and the government's recent commitments to strengthen the private rented sector, buy-to-let will continue to fulfil an important role," he explained.


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