Buy-to-let lending is at its highest since 2008, as interest rates fall amid increased competition in the sector.
Buy-to-let mortgages totaled £8 billion in the third quarter of this year, up sharply from £5.9 billion in the year-earlier period, Bank of England data show. Total residential loans outstanding in the third quarter rose 0.5% from the prior three-month period, to £1.3 billion.
As well as increased availability of buy-to-let mortgages, home owners in London, in particular, have been switching to buy-to-let mortgages in order to retain their city homes, while using equity from those homes to buy larger country properties, according to Andrew Montlake of mortgage broker Coreco.
The Daily Telegraph, p. 3
