Buy to let lending up in March, says CML - buy to let mortgages

Published: 13.5.2008

The amount of money lent in the category that includes Buy to Let Mortgages rose in March, according to new figures from the Council of Mortgage Lenders (CML).

In figures published by the CML today it was stated that what is listed as "other" lending, a total made up partly by Buy to Let Mortgages, the amount was up from £6.3 billion in February to £7.2 billion.

This total was also higher than the £7 million recorded in March 2007.

CML director general Michael Coogan also said that the Special Liquidity Scheme announced last month by the Bank of England was beginning to have a positive impact, observing that "a slight improvement in credit market conditions with libor moving in a more helpful direction" is taking place.

Mr Coogan said that this "will take time to feed through into the mortgage market", but such a sentiment does suggest cheaper Buy to Let Mortgages and greater availability may be appearing soon.

In its announcement of the scheme on April 21st the Bank said the cost would be "initially" £50 million, a possible hint that further funds will be devoted to tackling the problem.