Paragon says confidence growing in buy to let mortgage sector
www.moneynews.co.uk > Mortgages > Paragon says confidence growing in buy to let mortgage sector
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Money News |
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Paragon says confidence growing in buy to let mortgage sector
Fri 12th Nov 2010
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Nigel Terrington, chief executive of the company, described figures published by the Council of Mortgage Lenders (CML) as "pleasing".
The report showed a quarterly increase of 12 per cent in buy to let gross advances, while the number was up 14 per cent on the third quarter of 2009.
Mr Terrington said tenant demand is currently very high and the market is going in the right direction, even if levels are relatively low by historic standards.
"The 12 per cent rise in gross advances is encouraging and reflects an increased level of confidence among landlords and lenders in the buy to let market," he remarked.
CML director general Michael Coogan predicted the level of buy to let lending could keep growing if rental trends continue along their current trajectory.
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