Buy to let lenders 'must increase activity'

17 August 2009

Written by David Whittaker

Following the publication of the latest buy to let mortgage figures from the Council of Mortgage Lenders (CML), an industry expert has urged providers of buy to let products to be "more aggressive" in their lending.

Keshav Thukaram, managing director of landlord services firm Smartlandlord.co.uk, said that the CML figures should be a "wake-up call" for lenders in the UK.

The data from the mortgage body indicated that 21,600 buy to let mortgages were advanced throughout April and June this year, while a statement from the organisation suggested that this part of the housing industry had now stabilised.

Total advancements were four per cent down on the first quarter of 2009, but this represented a slowdown in the decline witnessed in previous months.

Mr Thukaram commented: "These encouraging figures released by the CML ... confirm what Smartlandlord.co.uk has said all along: the market has bottomed out and is starting to recover - albeit slowly."

Despite his encouragement to lenders, the managing director warned landlords that property investment should be part of a long-term strategy, rather than for short-term gains.

Why not take a look at our best Buy to Let mortgages and make an enquiry online now.