Buy to let mortgage lending 'has improved'

23 August 2010

Written by Simon Whittaker

Buy to let mortgage lending has seen improvement, one expert has said, with better loan-to-value ratios and interest rates.

Chief executive officer of Assetz Stuart Law said there had been "quite sudden changes" in the market.

Indeed, the latest figures from the Council of Mortgage Lenders found gross home loan borrowing jumped five per cent between June and July.

The amount of money temporarily taken by purchasers of houses rose from £12.9 billion to £13.6 billion in that period, although these figures are still three per cent lower than those recorded for the same period in 2009.

However, the expert said previous figures could have been influenced by uncertainty around the general election, which could produce the appearance of "very substantial improvement" in lending.

Instead, he explained: "What we are seeing is a continued [and] moderate firming up in the market."

Good rates from banks are encouraging further borrowing, with many institutions offering attractive deals, Mr Law noted.

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