Mortgage approvals up, says CML - buy to let mortgages

15 April 2009

The number of home loans accessed by Britons increased during February, new figures have shown.

Data released by the Council of Mortgage Lenders (CML) revealed that the number of house purchase loans - including buy to let mortgages - rose by four per cent to 24,300 from January to February.

However, this represented a 47 per cent fall on the number of mortgages agreed over the same period a year earlier.

The body also found that an increasing number of house buyers are opting for fixed-rate deals, with 56 per cent of new mortgage holders in February choosing this type of product.

CML director general Michael Coogan noted that despite hints of improvement in the housing market, more action needs to be taken to stimulate lending.

"We need further market measures to be introduced by the government around the Budget to encourage a mortgage market where all types of lenders ... are encouraged and enabled to commit more funds," he said.

Chief economist at the Royal Institution of Chartered Surveyors Simon Rubinsohn recently suggested that interest rate cuts have led to an increase in mortgage approvals.

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