84,000 Buy to Let Mortgages Issued in 2011 – CML

The latest report by the Council of Mortgage Lenders (CML) suggests that the number of buy to let mortgages has increased by 84,000 in 2011.

Of these, almost 35 000 were purchased in the fourth quarter of the year as British lenders have issued that many buy to let mortgages totalling 4 billion pounds. This compares to only 26,300 mortgages totalling 2.9 billion pounds in the fourth quarter of 2010.

Prior to the economic downturn the number of buy to let mortgages and their total value were significantly higher - 93,000 and 12.7 billion respectively.

Experts at the Council of Mortgage Lenders, however, believe that the buy to let sector is on its way back.

Paul Smee, director of the CML, 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 sector."

The detailed report is available in the Press Releases section on the official website of the Council of Mortgage Lenders.