CML say buy to let strong
Buy to let lending increased in 2007 and in the second half of the year totalled £24.1bn up £l.9bn from the first half of year and compared to £2.8bn in the second half of 2006.
The second half of the year saw the number of buy to let loans at 179,100 up from 171,800 in the first half of year and up from 177,200 in the second half of 2006.
Lenders had an average of 85% maximum loan to value at the end of 2007 and required 120% rental income of the required mortgage payment.
Tenant demand for private rental property was still high and buy to let is playing an important role in helping an increased flow of high quality property for rent. The buy to let sector has remained strong in a crisis that has affected the wider mortgage market.
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