CML Reports a 13% Rise in Buy to Let Mortgages

The latest statistics published by the Council of Mortgage Lenders yesterday, on August 12th, suggests that the number of buy to let mortgages increased in the second quarter of this year.

The overall number of buy to let mortgage deals taken out by the Brits in the past 3 months reached 24,900, which is 13% more than in the first quarter of the year and 15% more than in the fourth quarter of 2009.

Let us remind that the economic downturn of 2008 resulted in a significant decrease in the number of borrowers interested in buy to let mortgages and a growing number of those looking for tracker deals.

Commenting on the new figures, Mr. Coogan of the CML said that UK btl market has showed signs of slow, yet stable recovery.

Earlier this week the Council of Mortgage Lenders reported an increase in the number of fixed rate mortgages taken out by borrowers. The organisation does not expect any significant growth of the wider UK housing market this year.

At the moment, the overall number of mortgages taken out in Great Britain reaches 11.4 million.