LETTING & ESTATE AGENT

Buy to let mortgages: steady rise year-on-year

Buy to let mortgages: steady rise year-on-year

There were 15,900 buy to let loans in February, down 13% compared to January but up 11% on the total a year earlier, according to the Council of Mortgage Lenders.

These loans totalled £2.2 billion in lending, down 12% from January this year but 16% above the amount loaned in February 2014.
 
It was the same trend with buy-to-let remortgaging, which fell 19% in February from January to 8,400, but this was an increase of 23% on February 2014.
 
The value of these loans totalled £1.3 billion - a whopping 31% up on last February.
 
“Buy-to-let, in contrast, has shown year-on-year lending increases, due almost completely to remortgaging which is typically strong in the buy-to-let market,” said Paul Smee, director general of the CML.

"We this month launched the CML buy-to-let statement of practice which reflects what responsible lenders already do and offers a clear explanation of how buy-to-let lenders operate. We hope it will help in people's understanding of the buy-to-let lending environment and the transparency of the statement of practice can give confidence to landlords that clear and consistent lending policies are being undertaken.”