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Mortgage article 19:Buy-to-Let Continues to Grow

5 March 2002

Buy-to-let lending has continued to grow strongly, with more than 41,000 loans taken out in the second half of last year, taking the total number of outstanding mortgages to 184,900. New lending of 4.1 billion brought the overall value of loans to 14.7 billion, up from 11.3 billion six months earlier.

The CML figures, based on returns from 30 lenders responsible for 90% of buy-to-let loans, show that the average maximum loan-to-value ratio in this sector remained unchanged at 80%. The average rental cover (that is, the amount by which mortgage payments are covered by rental income) was also unchanged at 130%.

For the first time, the CML's data includes information about remortgaging in the sector. In the second half of last year, nearly 40% of new advances were to borrowers remortgaging from other lenders. Next page

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