CML Reports a Rise in Buy to Let Lending

The latest figures released by the Council of Mortgage Lenders (CML) suggest that buy to let mortgage lending has hit its highest level in the second quarter of this year. The previous high was seen in the fourth quarter of 2008.

The number of buy to let mortgages taken out in the second quarter of 2010 amounted to 24,900, which is 13% higher than in the first three months of the year.

According to statistics of the Council of Mortgage Lenders, the overall number of outstanding buy to let mortgages in the UK reached 1.26 million in the end of June 2010.

Commenting on the new figures, Mr. Coogan of the Council of Mortgage Lenders said that even though funding conditions for banks and building societies remain tough, they are doing their best to meet the demand from borrowers and, thus, contributing to the overall recovery of the btl sector.

The report of the CML is at odds with the latest statement made by John Charcol, UK mortgage advisor. According to Mr. Ray Boulger, buy to let borrowers are being rejected by lenders at record rates.