Expect more, earn more, be more
Call us on 01244 421 261
Posted by Let Alliance on December 15, 2014
New CML data on the characteristics of lending in October of 2014 show growth in lending trends to first-time buyers, home movers and buy-to-let. Overall gross mortgage lending reached £18.6 billion in October 2014. This is 6% higher than October last year (£17.5 billion) and is the highest lending total for an October since 2007 (£33.1 billion).
Buy to Let Lending
There were 19,600 buy-to-let loans in October, representing lending of £2.7bn. The number and value of these loans were up compared to September both by 8%. Compared to October 2013, this was a 22% increase by volume and 29% by value.
Within the overall total of buy-to-let loans in October, 9,900 were advanced for house purchase and 9,500 for remortgage. The number of buy-to-let house purchase loans increased by 13% compared to September and up 20% compared to October last year. This totalled £1.2bn in value, up 10% on September and up 28% on October last year.
The number of remortgage loans increased in October, up 3% on September and up 23% compared to October last year. These loans had a total value of £1.4bn, up 2% on September and up 26% on October last year.