CML assesses new data on mortgages

02 September 2009

Written by Michael Aglony

Having claimed that the buy to let mortgage sector stabalised in the second quarter of 2009, the Council of Mortgage Lenders (CML) has responded to the latest lending figures from the Bank of England.

According to the body, the Bank's latest mortgage data - released this week - is compatible with its forecast for lending over the course of 2009.

The Bank said that negative net lending in July reached -£418 million, which is in line with the council's annual forecast of -£5 billion.

Meanwhile, the CML also reflected on total mortgage approvals for the month by saying that the 50,123 loans granted represented a five per cent increase on June's figures.

CML economist Paul Samter indicated that, although activity was weak, it has now improved "from the historic low levels of turnover at the beginning of the year".

He added that this shows that there is a "slowly improving house purchase market", which may prove to be good news for buy to let landlords and other homeowners in the coming months.

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