Buy to let lending on the rise

13 November 2009

Written by Michael Aglony

The Council of Mortgage Lenders (CML) has reported the first rise in buy to let lending for two years.

Gross lending totalled £2.1 billion in the third quarter of 2009, which was ten per cent up on the previous three-month period.

Between the two quarters, the number of buy to let loans advanced increased from 21,600 to 23,700 too.

Managing director of Paragon Mortgages John Heron said that the data is testament to the sector's strength.

To cope and be able to grow in such a tough economic environment shows the resilience of this part of the mortgage industry, he claimed.

CML director general Michael Coogan expressed a similar sentiment, saying that the figures indicate that buy to let is here to stay.

"Buy-to-let lenders are among those facing some of the biggest challenges in raising mortgage funding, so the improved figures are all the more welcome," he explained.

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