August 23, 2011
CML Sees Increase In BTL Loans
According to new information from the Council Of Mortgage Lenders 32,000 buy to let loans at a value of £3.5 billion pounds were approved between April and June, marking the highest number since as far back as 2008.
Remortgaging played a large part in the recent rise and contributed to the value of BTL loans, and was responsible for as much as 65% in the overall rise.
Director General for the Council Of Mortgage Lenders, Paul Smee said “If you consider the buy to let recovery alongside the increase in first-time buyer numbers, it appears that first-time buyers are not being displaced by buy to let landlords but are holding their own in a restricted market. So, this is encouraging news for those who want to rent, as long as it is realised that much of the current increase is for remortgage rather than house purchase.”
