Mortgage boom for buy-to-let investors
LENDERS advanced 40,000 mortgages, worth £5.1bn, to buy-to-let investors in the second quarter of 2013, according to the Council of Mortgage Lenders.
Both the number of buy-to-let loans, and the value of lending, were the highest since the third quarter of 2008.
Buy-to-let lending is continuing to recover strongly, but from a low base.
The CML’s head of policy Jackie Bennett says: “Strong rental demand is contributing to the continuing expansion of the buy-to-let sector, but growth is also being helped by improved conditions in funding markets and more widespread availability of mortgages. These conditions are creating more opportunities for landlords to remortgage.”