Andy Young, chief executive at Landlord Centre, the online buy-to-let mortgage specialist, says:
'The latest figures published by the Council of Mortgage Lenders (CML) offer good news to landlords, and provide substance to a number of positive developments recently reported in the buy-to-let mortgage market. For example, new and established lenders have entered the market providing more products, increasing competition and better choice for property investors.
'The CML has reported a 33% increase in the value of buy-to-let lending compared with the same period last year and a similar trend in loan size was reported in Landlord Centre's latest Property Investor Profile for Q3 2010. The increase in mortgage value is likely to be a reflection of the gradual recovery of property prices and the availability of some higher loan-to-value buy-to-let mortgages.
'For over two years the buy-to-let mortgage market has been very subdued and these latest results are most welcome. However, there is still a way to go before the buy-to-let mortgage market returns to a reasonable level. The lack of finance available is still a big constraint for landlords and a considerably larger supply of funding is needed to satisfy the demand. This is also important in order for landlords to provide the level of decent rental accommodation required to meet the increasing tenant demand.'
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