Buy-to-let lending on the rise
The UK’s buy-to-let housing market received a significant boost following new figures published by the Council of Mortgage Lenders (CML).
Officials revealed that lending within this sector increased by five per cent in the second quarter of 2012 as more and more people are looking to become landlords.
The CML noted that in the three months up until June, lenders approved 33,200 loans worth around £3.9 billion, a significant rise from the £3.7 billion figure that was seen in the first quarter of the year.
Lending in the buy-to-let sector is continuing to improve and shows signs of recovery from the low of 2009. The average loan-to-value stayed stable on buy-to-let mortgages remaining at 75 per cent.
Paul Smee, CML director general said: “Buy-to-let is continuing to show signs of recovery, and growing broadly in line with expectations. The rental sector has grown strongly over the last decade or so, and buy-to-let continues to help deliver a wider choice for tenants.”
Discount Landlord offers fast and competitive buy to let insurance quotes. See what you could save.