Buy to Let Lending on the Increase

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.”

This is good news for Landlords and Tenants alike and Belvoir Lettings Nuneaton and Hinckley are holding a FREE Buy to Let Seminar on 12th September 2012.  Please click here for more information.