Buy-To-Let Mortgage Lending Hits £4 Billion in 3rd Quarter
Buy-To-Let Mortgage Lending Hits £4 Billion (GBP) in 3rd Quarter
The UK buy-to-let mortgage market continues to show signs of making a good recovery as lenders reveal that over £4 Billion (GBP) worth of mortgages were taken by active property investors during the 3rd quarter of 2012.
The UK’s Council of Mortgage Lenders (CML) stated that £4.2 Billion (GBP) worth of mortgages were taken out during the 3 months to the end of September 2012.
This represents the highest amount of Buy-To-Let mortgage lending seen in the last 4 years, contributing to £11.8 Billion (GBP) worth of mortgage loans granted to UK applicants so far this year.
The increase in mortgage lending is great news for the Buy-To-Let market, which has seen lending rates climb almost 20% higher in 2012 than they were in 2011.
The UK Buy-To-Let market continues to strengthen and is enjoying current strong tenant demand as private rented sector rents increased to an average of £741 per calendar month (pcm) in September, in London PRS rents are averaging £1,092.
The demand for UK rental property continues to increase because tenants are unable afford the deposit to buy their own homes due to the tough qualifying criteria and lower Loan To Value (LTV) products introduced by mainstream mortgage lenders in an attempt to avoid over exposure.
Despite this, overall mortgage lending has yet to return to pre-recession levels and Buy-To-Let mortgage lending in 2012 is predicted to total just over 30% of that seen during the previous peak of the UK property market in 2007.
If you are looking for the best Buy-to-Let Mortgage, or commercial mortgage deals and interest rates then talk to Finance 4 Landlords. We have been working in the buy to let and commercial mortgages market for many years providing great buy to let mortgages and commercial mortgage deals. Whether you are an experienced landlord, a first time buyer, a developer or are just starting out in buy to let or commercial property, we can help you get your mortgage arranged quickly.
Article supplied by Finance4Landlords.com
