Buy to let mortgages have increased for purchasing residential property

There just might be a glimmer of hope in the mortgage industry, well for Buy to let anyway. In the latest figures for mortgages taken out for the use of purchasing residential property, it has now increased from the previous month’s figures. The figures from Buy to let mortgages were 38,704; this is compared to 35,546 in March. Total figures for these loans were £5.9 billion in April compared to £5.6 billion in March.

According to Mortgage for Business these figures are not as much as many had hoped , it does show that the market is stronger than many people first thought, it also shows that the mainstream mortgage market has not completely come to a halt. Although the industry has a long way to go, it does show that there is in fact a glimmer of hope.