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IMLA hails buy-to-let report

The Intermediary Mortgage Lenders Association (IMLA) has welcomed news that the buy-to-let sector remains strong in the UK.

According to a report from the Council of Mortgage Lenders (CML) released yesterday, the number of buy-to-let outstanding mortgage loans has broken the one million barrier.

The loans have also marked a five per cent year-on-year increase, according to the report.

Executive director of IMLA Peter Williams said: "Landlords have responded to growing demand for rented accommodation by increasing the size of their investment portfolios over the year, and intermediary lenders in particular have supported this purchasing activity through the provision of specialist buy-to-let mortgage loans."

He added: "IMLA members continue to believe that the buy-to-let market will remain well underpinned in 2008 and expect further growth this year."

CML also revealed yesterday that the proportion of buy-to-let investors in more than three months of arrears remains low - at about 0.73 per cent.

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