Buy-To-Let Lending Growth
Gross lending in the buy-to-let mortgage market grew in the third quarter for the frst time in two years, according to recent data published by the Council of Mortgage Lenders (CML).
At £2.1 billion, lending was 10% higher than in the previous three months. The third quarter (2009) also saw a similar increase in the number of loans advanced, from 21,600 to 23,700.
But the lending was from a low base, with current lending volumes sharply lower than their peak in 2007. The number of outstanding buy-to-let loans grew to 1,205,000; 11% of all mortgages by the end of the quarter (compared to 1,180,000 three months earlier).
The value of outstanding buy-to-let mortgages increased by 2.5% to £144.2 billion. Buy-to-let lenders are among those facing some of the biggest challenges in raising mortgage funding, so the improved fgures are all the more welcome.
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