Good news as mortgage lending increased by 5% in the second quarter of 2012, according to the Council of Mortgage Lenders.
Mortgage lenders in the three months to June advanced 33,200 loans, worth £3.9 billion, up from 32,300 mortgages, worth £3.7 billion in the first quarter.
The CML commented that the buy-to-let mortgage remains strong, with the volume of loans up by 14%, from 29,100 and the amount advanced up 18% from £3.3 billion. Buy-to-let lending was equally split for re-mortgages and loans for houses. However year on year lending still remains stronger than re-mortgaging, which is up 17%, and 21% by value and up by 10% by volume and 15% by value.
Buy-to-let lending is really starting to recover from its low point in 2009, whilst the stock of buy-to-let mortgages continue to grow.
Paul Smee, director general of CML commented: ‘Buy to let is continuing to show signs of recovery and growing broadly in line with expectations. The rental sector has grown strongly over the last decade or so, and buy to let continues to help deliver a wider choice for tenants,’
If you are looking to invest in a buy-to-let property then we can help you through each process from finding a suitable rental property to arranging a buy-to-let loan from across the mortgage place, just pop into your local Intercounty for more info.