Buy-to-let mortgages on the rise, CML finds
The number of buy-to-let mortgages being issued across Britain is on the rise, according to the Council for Mortgage Lenders (CML).
It revealed that by the end of quarter one of 2013, buy-to-let mortgages accounted for 13.4 per cent of all mortgages awarded throughout the UK, totalling 33,5000. These mortgages were worth a total of £4.2 billion,access-legal.co.uk reports.
Plus, only 8.3 per cent of all mortgages in arrears were of the buy-to-let variety, which reports suggest is indicative of how strong the rental marketplace is at present; demonstrating that tenants and landlords are making the most of the online lettings services on offer. Plus, the CML suggested that greater funding choices are encouraging more would-be landlords to take a leap into the market.
Although the results are positive, the Financial Conduct Authority's (FCA) plans to record personal data of mortgage borrowers has been met with concern from the CML and could potentially put off would-be landlords from making a buy-to-let investment.
It recently announced its intention to collate 'large amounts' of data from those with existing mortgages living in the UK, telegraph.co.uk The CML suggested that this could only go forward on the basis that the data is "collected both in line with the Data Protection Act and with the reporting requirements outlined by the FCA".
It added that the data should be processed in a "fair and lawful" way.