Buy to Let Lending at a Steady Pace

Buy to let mortgage lending remained steady in November 2013, according to the latest figures from the Council of Mortgage Lenders.
Despite a lot of publicity about the popularity of buy to let and the availability of, banks and building societies held back and agreed the same number of deals as they did for October 2013. .
The CML, the trade body for property investment mortgage lenders, reports 16,200 landlord mortgages were advanced in November – the same as for the previous month.
Around 8,400 were for new buy to let purchases – down 1.2% from October. The balance were landlords taking advantage of remortgage deals either to capital raise for new purchases or to reduce costs on existing mortgages.
Lenders advanced £2.1 billion in November, the same figure as October.
Paul Smee, director general of the CML, said: “The Bank of England’s credit survey reported demand in the final quarter of 2013 for house purchases was rising at its fastest pace since the survey began in 2007.
“This is a significant shift in public mood and, with strong November lending continuing the year-on-year growth seen since April 2013, this should be expected to continue into the New Year.”
Although the CML represents most mortgage lenders, the organisation does not reveal how the lending figures are compiled – for example whether all lenders are represented or whether representative figures are taken from a sample and rounded up to give a view of the market.