Buy-to-let lending rises while arrears decline, says CML

Given the poor performance of stock markets, investors have been widening their portfolios to include property, which has led to an increase in buy-to-let lending, according to figures by the Council of Mortgage Lenders. At the close of last year, there were an estimated 275,500 buy-to-let mortgages outstanding, worth £24.2bn, which account for around 3.3% of all residential mortgage lending, says the CML. In the second half of 2002, gross buy-to-let lending totalled £6.7bn, which is up from £5.5bn in the first half of the year, and is also increased from £4.1bn in the second ...