Buy-to-let figures still below 2007
NEW buy-to-let lending in the first quarter of this year totalled £3.7bn, according to the Council of Mortgage Lenders.
While 32 per cent higher than in the first quarter of 2011, buyto-let lending is still only around a third of its 2007 levels.
The average maximum loanto-value available on buy-to-let mortgages remained at 75 per cent, with the average minimum rental cover 125 per cent – up from 123 per cent in the previous quarter, but otherwise the same as for nearly three years.
At the end of the first quarter, around 1.7 per cent of buy-tolet mortgages were in arrears of more than three months, compared with around 2 per cent of owner-occupier mortgages.