According to new data published by the Council of Mortgage Lenders, buy to let lending increased by 5% in the second quarter of this year. Between April and June, a total of 33,200 buy to let loans were advanced, up to 14% over the last year.
The average maximum loan to value available on buy to let mortgages remained at 75%, with average minimum rental cover at 125%. Both have been broadly unchanged for the last three years.
The CML Director General, Paul Smee commented on the data:“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.”