Buy-to-let lending increases

Buy-to-let lending increased 8% in the third quarter over the proceeding quarter according to Council of Mortgage Lenders data.

The number of loans advanced in the 3 months to the end of September to 34,400 from 33,600 in the previous quarter.

Buy-to-let activity is recovering from a low base after the credit crunch.  Buy-to-let lending this year is likely to be only a third of it's level in 2007.

The average loan to value (LTV) available to borrowers remained at 75% and the average rental cover remains at 125%.

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