Buy to let mortgage lending grew in the third quarter for the first time in two years, the latest figures from the Council of Mortgage Lenders (CML) show.
The Council of Mortgage Lenders figures put gross lending at £2.1 billion for the third quarter of 2009, ten per cent higher than the previous three-month period.
The number of buy-to-let mortgages that were taken out were also up between July and September, from 21,600 to 23,700, and the group puts this down to low interest levels on variable rate products.
Michael Coogan, director general of the CML, added: "Low borrowing costs are also contributing to a continued improvement in cases of buy-to-let arrears and the number of landlords facing enforcement action."
Legal and General recently said that 30 per cent of all applications for buy-to-let mortgages in the third quarter of the year were for variable rates, a 13 per cent increase on previous figures.
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