15
May
CML reveals buy-to-let mortgage figures
There were 22,400 new buy-to-let mortgages advanced in the first
three months of 2009, according to the Council of Mortgage Lenders
(CML).
It has also been stated that the total number of outstanding
buy-to-let mortgages was 1,155,200 at the end of the first
quarter.
CML figures showed buy-to-let lending accounted for six per cent of
all gross mortgage lending during the period - down 12 per cent
year-on-year.
CML director general Michael Coogan said it was not a surprise to
see buy-to-let lending drop at the start of 2009, considering the
current economic climate.
"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 added.
Property Hawk website editor Chris Horne recently said that there
is still "quite a strong demand" for buy-to-let mortgages, although
lenders are less willing to provide the cash for this type of home
loan than they were 18 months ago.
