Buy-to-let lending reaches £4.2 billion
Gross mortgage lending of £4.2 billion across 33,500 mortgages was advanced to buy-to-let landlords in the first quarter of 2013, according to the latest survey data from the Council of Mortgage Lenders.
This compares with £4.6 billion the previous quarter and £3.7 billion in the first quarter of last year. Nearly half of this lending was for remortgage, rather than house purchase.
Nevertheless, the buy-to-let sector continued to grow and loan performance improved.
There are now around 1.46 million buy-to-let mortgages in the UK, accounting for 13% of the total estimated stock of 11.26 million mortgages.
May 10, 2013
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