Buy-to-let mortgages up by 48% by Finance News Bulletin
Published: 22/05/07
information Companies & markets Investing Power portfolio Campaigns Mortgages & homesMortgage featuresInsurance customer advice Broadband & phones Retirement Saving & banking Credit & loans Small business duty & wills Message boards cash blog Tools & calculators Ask an expert Guides Compare & pay money forThe number of mortgages being taken out by landlords shot up by almost 50% last day, figures showed today
TAKE PART IN OUR review Tell us what you think of This is Money and help form our future (you could even make £35)A ONE-MINUTE MAKEOVER If you only have one minute to learn how to sort your money, forget the rest and understand writing this>> Our 8-step planDuring 2006, 330,000 buy-to-let loans value a total of £384bn were lent by banks, building societies and expert lendersThe Council of Mortgage Lenders (CML) said the sum represented a 48% increase in volume and 57% increase in value over 2005
In all, the figure of buy-to-let mortgages outstanding now stands at around 850,000, value a total £948bnSince the end of 2005 - when the matching figures stood at 702,000 and £734bn - the figure of buy-to-let mortgages has risen by 21% and their value by 29%
amount overdue continued to fall during 2006, according to the CML The amount of buy-to-let mortgages three months or more in arrears dropped from 064% by the finish of June to 0½9% by the end of the yearThe number of buy-to-let properties in use into possession during 2006 was 1,142 - representing 0
14% of all property-owner mortgages This compares to a 015% repossession speed in the market as a wholeThe figure of cases where a receiver of rent was appointed - someone who collects rental fee on behalf of a lender in the container of mortgage default - was recorded at 0
06% of buy-to-let propertiesMichael Coogan, director universal of the Council of Mortgage Lenders, said: 'The buy-to-let marketplace has performed even more strongly than the wider marketplace over the course of 2006'With evidence from other sources of strong tenant demand, increasing rents and falling void periods, buy-to-let looks put to continue to remain popular and successful'This is Money is crowded with information, advice and tools that can help you get ahead and save cash
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