26
Feb
New figures show buy-to-let mortgage boost
The buy-to-let mortgage market grew in the second half of 2007
despite the credit crunch, new figures have revealed.
Council of Mortgage Lenders (CML) statistics for last year showed
that in the first half of the year the total number of loans made
to buy-to-let landlords was 171,800, whereas in the second half of
the year the tally was up to 179,100.
Commenting on the figures, CML director general Michael Coogan
said: "Buy-to-let has remained resilient in the face of the funding
constraints that have affected the sector and the wider mortgage
market."
He added that he expected the market to go on performing well in
2008.
These views were backed by the Intermediary Mortgages Lenders
Association, whose executive director Peter Williams predicted the
buy-to-let industry could expect "further growth this year", with
the continued high demand for lettings and low demand for
residential mortgages favouring buy-to-let investors and making
portfolio expansion viable.
