The value of mortgages lent to landlords dropped to a record low in the second quarter of 2009 when only £1.9 billion was borrowed. However, this total has been steadily increasing ever since.
CML says that the rise in buy-to-let mortgage lending is down to the ongoing increasing demand for rental property, which is a fall out from the rise in house prices. The high prices and tight mortgage lending restrictions for first-time buyers are leading more young people to rent for longer.
The director of the CML, Michael Coogan, says he expects the trend for more buy-to-let mortgage lending to continue: "We would expect buy-to-let demand to pick up further if current rising rental trends continue and house prices remain broadly stable."
Anyone looking borrowing a buy-to-let mortgage needs to ensure they take buy-to-let property insurance, which will cover them if damage is caused to their rental property or if any of their own belongings are stolen from a property they rent out to tenants.
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