Buy-to-let remortgage activity rises in July

Posted on Monday, September 21 by Joy Tibbs

After a sudden sharp rise in remortgage activity in June, remortgage activity dropped 6% in volume and 4% in value in July. However, this was a substantial increase of 26% in volume and 34% in value compared with July 2014 figures.

While buy-to-let house (BTL) purchase rose significantly, these increases are driven more by strong BTL remortgage activity since the beginning of the year.

Overall in July, the value of homeowner loans for house purchase accounted for 56% of gross lending, while remortgage activity accounted for 24%.

Paul Smee, director general of the Council of Mortgage Lenders, said: “The market has shown steady growth in house purchase and buy-to-let over the past few months with general improvements in economic factors across the UK allowing for more people to enter the property market.

“This positive direction of travel going into the autumn months reinforces our recent revised forecasts that lending levels should continue to grow gradually over the rest of the year after a subdued beginning of the year.”

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