Buy-to-let Lending continues upwards
Posted by Let Alliance on December 15, 2014
Source: www.cml.org.uk/cml/media/press/4103
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.
Number of buy-to-let loans advanced for house purchase and remortgage per month
