CML says Buy to Let Lending is Up

16 October 2012 Categories: News

CML says Buy to Let Lending is Up

The Council of Mortgage Lenders has reported an increase in buy to let lending during the second quarter of this year when compared to the first quarter, and predicts that figures for the third quarter will be equally as positive. The months of April to June saw over 33,000 loans being advanced with a total worth of £3.9 billion. This is a marked increase on the £3.7 billion lent during the first three months of the year.

John Heron, managing director of buy to let mortgage specialists, Paragon Mortgages commented on the report saying, “There seems to be little doubt that the private rented sector will need to expand to meet the demand of renters. It is vital therefore that landlords remain motivated to add to their portfolios and that buy-to-let finance is available to support landlords in this endeavour.”

Managing director of estate agency Greene & Co., David Pollock, added “Seasoned property investors who are well versed with the concept of buy-to-let have seized the chance grow their portfolios and these latest figures confirm that.

“The rental sector continues to grow especially in London where there is a constant stream of tenants, many of which have put buying their own property on hold and this shows no sign of abating. Savers with a decent pot of money to invest are also searching for higher returns and buy to let is an increasingly attractive option.”