2011 saw the number of UK residential properties bought using Buy To Let mortgages rise by 84,000 on 2010 figures.
Council of Mortgage Lenders (CML) figures show that landlords advanced a total of 34,800 buy to mortgages in the last three months of 2011 alone, with a total value of more than £4 Billion (GBP).
Therefore buy to let mortgage lending now accounts for almost 13% of the total outstanding value of all residential mortgages in the UK.
CML Director General, Paul Smee said “Buy-to-let lending continues to perform well. Demand for rented property remains high, so the rationale for buy-to-let remains strong and there is little reason to foresee any change to this positive outlook for the UK private rental sector.”
With improvements in the general availability of Buy-To-Let mortgage products, better tenant referencing and the introduction of specialist insurance policies such as Rent Guarantee Insurance, landlords are likely to have a few less financial worries, so, the PRS Buy To Let mortgage figures are very likely to rise again this year.
There are currently more buy to let mortgage products available than at any time since the onset of the financial downturn in 2007 and specialist mortgage lenders recently referred to 2012 as being ‘a boom time for landlords’.
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