15 May

CML reveals buy-to-let mortgage figures

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.

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