Landlords enjoy interest only mortgages

The buy-to-let market has received yet another boost this year after figures released by the Council of Mortgage Lenders shows that lending figures rose during the final quarter of 2009. The figures show that lenders increased the amount of mortgages to landlords by an extra 2,100, increasing the overall figure to 25,800. Although this figure is still far from their peak of 38,000 last seen in 2008 they are signs that the UK housing market is starting to improve.

This increase in lending has totalled the amount lent to £2.4 billion, an increase of £300 million from the previous quarter. This figure is a far cry from the £4 billion reached in 2008 showing that the volume of lending is still at a low.

Another benefit for landlords is the low interest rate that continues to allow borrowers to get an interest only basis. This also benefits those in arrears as they can help recover non-payment by tenants.

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February 12^th 2010

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