8 Nov

Buy-to-let mortgages on the rise again

Buy-to-let mortgages on the rise again

Demand for properties to rent in the private sector have led to landlords being able to charge a record-high level of monthly payments in the last few months, and this is causing more to take advantage of the upward trend by buying more houses.

The Council of Mortgage Lenders (CML) has said that there are now more people coming into the market, and that buy-to-let mortgages have gone up by eight per cent in the last quarter, with lenders having approved £4.2 billion's worth.

However, while this is good news, as is the 19 per cent increase in the last year, the market still has a long way to go to reach full health, with lending still only a third of what it was when the credit crunch hit in 2007.

CML director general Paul Smee said: "Buy-to-let lending is continuing to recover, and to grow in line with expectations. As well as continuing to fund owner-occupation, lenders are contributing to the expansion of a strongly growing rental sector."ADNFCR-1222-ID-801484891-ADNFCR

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