Lenders approving fewer buy to let loans
News Category: Industry News
Published: 26-Aug-2008
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Buy-to-let property investors saw fewer mortgages approved during the first half of the year, as conditions in the money markets impacted on the UK housing sector.
Data from the Council of Mortgage Lenders (CML) reveal that during the first six months of this year 144,600 new buy-to-let loans were approved.
This is down from a figure of 176,500 in the second half of 2007 and 169,500 in the first half.
Commenting on the figures, director general of the organisation comma Michael Coogan comma said: "The shortage of mortgage funding is creating similar problems for buy-to-let landlords as it is for other borrowers.
"However, we expect the rental market to remain underpinned by strong demand, partly because some people who would like to buy a home are being forced to carry on renting for now."
The CML calculates that the number of buy-to-let mortgages in the UKcurrently stands at 1,103,000 million, with these having a collective value of £132.5 billion.
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