Buy to let mortgage lending 'subdued'

19 November 2009

Written by Michael Aglony

The buy to let mortgage market remains relatively subdued compared to other markets, says the Bank of England.

According to the Press Association, the quantitative easing scheme brought forth by the bank in March this year has benefited first-time buyers and the overall availability of credit has improved.

However, it remains to be seen whether the buy to let market has benefited from the £200 billion boost to the economy.

Council of Mortgage Lenders (CML) director-general Michael Coogan recently commented that buy-to-let lenders face "some of the biggest challenges in mortgage funding".

He praised recent figures from the group that indicated the first increase in buy-to-let lending in two years.

In total, gross lending during the third quarter of 2009 was up ten per cent compared to the second quarter.

The number of buy to let loans advanced during this same period increased by 2,100 between the two quarters.

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