28-02-2008
CML highlights buy-to-let sector strength
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The Council of Mortgage Lenders (CML) has reported positive momentum in the UK's buy-to-let mortgage sector.
Data released by the organisation has detected a rise of 23 per cent in the number of buy-to-let mortgage loans over the course of 2007. Representing 10.3 per cent of all of Britain's outstanding mortgages, the total number of buy-to-let loans came to 1.038 million.
"Tenant demand for private rented property remains strong, and buy-to-let is fulfilling an important role in helping to deliver an increased flow of high-quality homes to rent," said Michael Coogan, director general of the CML, a trade association for the UK's mortgage lending sector.
Moreover, according to the organisation, despite the difficulties faced by some mortgage lenders in the UK, the buoyancy of landlord demand persisted. However, of those buy-to-let loans that had an amount outstanding for more than one quarter in 2007, the total increased to 0.73 per cent from an earlier level of 0.58 per cent.