Buy-to-let remortgaging rises sharply in July

Posted on Friday, September 13 by Joy Tibbs

According to figures from the Council of Mortgage Lenders (CML), remortgage lending to homeowners increased by 9% in July compared with June, but still remains subdued compared with historical volumes. In total, £3.8 billion was advanced to homeowners for remortgage purposes in July, up 15% compared with figures for July 2012.

There was strong growth in buy-to-let remortgage lending, which rose by 24% in July compared with June, to a value of £1.1 billion. This equated to 7,200 loans in July for buy-to-let remortgaging in total, an increase of 13.4% compared with June.

Overall, gross UK mortgage lending grew 12% in July to £16.7 billion, up from £14.9 billion in June and 29% compared with last July.

Paul Smee, director general of the CML, commented: “The notable feature is the catch-up in home mover activity. For only the second time this year, the monthly growth of movers exceeded the growth in first-time buyers.

“This is a positive sign of a mortgage market, where obstacles to transactions are now reducing.”

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