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Monday 14 May 2012
The number of mortgages taken out to fund buy-to-let properties has risen by a third in a year on year comparison. The increase has been attributed to attractive rental yield prospects.
The Guardian recently reported that 32,000 loans worth a total of £3.7 billion were granted to borrowers, according to the Council for Mortgage Lenders (CML).
The CML noted that buy-to-let properties continued to advance its portion of the property market with this type of mortgage in the UK accounting for 23.8% of outstanding mortgages.
Managing Director of Mortgages For Business, David Whittaker, noted that: "The year-on-year rise in buy-to-let lending reflects the state of the overall property market. Demand for rental property is as strong as ever as mortgage funds remain out of reach for many would-be buyers and high-street banks remove scores of owner-occupier mortgages from the market.