26 Feb

New figures show buy-to-let mortgage boost

New figures show buy-to-let mortgage boost

The buy-to-let mortgage market grew in the second half of 2007 despite the credit crunch, new figures have revealed.

Council of Mortgage Lenders (CML) statistics for last year showed that in the first half of the year the total number of loans made to buy-to-let landlords was 171,800, whereas in the second half of the year the tally was up to 179,100.

Commenting on the figures, CML director general Michael Coogan said: "Buy-to-let has remained resilient in the face of the funding constraints that have affected the sector and the wider mortgage market."

He added that he expected the market to go on performing well in 2008.

These views were backed by the Intermediary Mortgages Lenders Association, whose executive director Peter Williams predicted the buy-to-let industry could expect "further growth this year", with the continued high demand for lettings and low demand for residential mortgages favouring buy-to-let investors and making portfolio expansion viable.

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