Buy-to Let Mortgages Improve

A recent survey by the Council of Mortgage Lenders (CML) has revealed that the buy-to-let mortgage market is showing improvement in recent months.

During the second quarter of the year, there were 24,900 buy-let-mortgages, which was a 13% increase over the first quarter and 15% over the same period in 2009.

The buy-to-let loan numbers and values reached the highest level in June this year since the fourth quarter of 2008.

Mr. Michael Coogan, Director General, CML, said that the demand for rented property would increase further since many people can not afford their own homes. The CML expects that buy-to let mortgages will make a powerful contribution in the UK’s financial market.

There were 18,500 peoples who were in arrears to pay their mortgage loans, however the number has decreased slightly from 19,300 at the end of 2009 and 22,900 in 2008.

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