Buy-to-let mortgages are shooting up with the number of new loans increasing by 16% in the third quarter of 2011, official figures from the Council of Mortgage Lenders (CML) show.
The data also reveals that the value of mortgages in this sector went up by 19%.
“We have access to the whole buy-to-let market for mortgages and this trend is in line with the deals negotiated for investors by the Mortgage Advice Bureau (MAB) representatives at our 15 offices throughout Bristol and Gloucestershire,” said Adam Offer, managing director of Besley Hill Estate Agents.
“We can confirm that landlords are reacting to high levels of tenant demand by using their own cash and short-term borrowing to purchase and renovate property, and then remortgaging using buy-to-let finance.”
In the three months to September, a total of 34,500 buy-to-let loans were advanced, up from 29,700 in the preceding quarter. The value of lending totalled £3.8bn, up from £3.2bn.
On both measures, buy-to-let lending was at its highest level since the final quarter of 2008.
Of the buy-to-let loans, 18,580 were for buy-to-let purchases – accounting for almost 12% of all house purchase loans.
As at the end of September, there were 1,378,700 buy-to-let loans outstanding, worth £157bn, up from 1,296,700 loans worth £150bn 12 months earlier.
The financial statistics to buy to let mortgages have been economical as the year progresses.
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