Buy-to-let mortgage lending up 8% in Q3

More buy-to-let mortgages were agreed in the third quarter of 2012, new figures have shown.

Data released by the Council of Mortgage Lenders (CML) has show that the value of such home loans being agreed rose to £4.2 billion during this three-month period.

This represents a rise of eight per cent on the total of £3.9 billion recorded in quarter two, while the number of these mortgages advanced during the third quarter stood at 34,400 – an increase of two per cent on the corresponding time-frame in 2011.

As such, in terms of the first nine months of 2012, loans worth some £11.8 billion were agreed between consumers and financiers – a marked 19 per cent hike on the £9.9 billion handed out in the same period last year.

Paul Smee, director general of the CML, commented: “Buy-to-let lending is continuing to recover and to grow in line with expectations … the growth of private renting looks set to continue in the years ahead.”

Source: Council of Mortgage Lenders

 

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