Buy-to-let mortgages on the increase

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Lending is showing signs of improvement over the third quarter of 2012 with buy-to-let mortgages on the increase, according to the latest figures.

A report by the Council of Mortgage Lenders (CML) revealed that over the course of this period £4.2 billion had been spent which had marked an eight per cent rise from the previous three months.

The organisation also noted that the amount of loans advanced had also grown exponentially in the three months prior to September, amounting to 34,400, which was two per cent more than in the second quarter when the figure stood at 33,600.

Officials have noted that if the trend keeps on at this rate it will surpass the previous peak recorded in 2007.

Paul Smee, CML director general, said: “The growth of private renting looks set to continue in the years ahead, and lenders are committed to playing a full part in the debate about how best to meet the evolving needs of tenants in the future.”

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19th November 2012