BTL remortgage lending bucks the trend

Posted on Monday, December 15 by Joy Tibbs

New research from the Council of Mortgage Lenders (CML) shows that there was a decline in remortgage levels in October, although buy-to-let remortgage lending levels rose.

The number of remortgage loans totalled 26,600, down 6% on September and 11% on October 2013. The value of these loans (£4.1 billion) was down 7% on September and down 5% on October 2013.

However, the number of buy-to-let remortgage loans increased in October, up 3% compared with September and 23% compared with October 2013. The value of these loans was £1.4 billion, up 2% month-on-month and 26% year-on-year.

Paul Smee, director general of the CML, said: “This has been a year of change for our industry, but the market has shown remarkable stability with house purchase and buy-to-let lending showing steady, consistent growth throughout 2014 compared to 2013.

“There have been fluctuations month to month, but overall the market appears to be showing a positive direction of travel going into the new year. 

“Stamp duty reform was long overdue and it is welcome that the tax has been changed. It will now be interesting to see how the market reacts. The new structure should be less of a barrier to mobility for those looking to get on the housing ladder or movers looking to switch homes.”

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