There were 5,500 new buy-to-let home purchase mortgages completed in the month, some 9.8% fewer than in the same month a year earlier, UK Finance’s Mortgage Trends Update has found.
By value this was £0.7bn of lending in the month, 22.2% down year-on-year. There were 14,600 new buy-to-let remortgages completed in the month, some 15% more than in the same month a year earlier. By value this was £2.3bn of lending in the month, 21.1% more year-on-year.
Matt Andrews, managing director of mortgages at Masthaven, said: “As expected, remortgaging continues to rise, largely due to the anticipated Bank of England rate rise. While uncertainty remains around timescales, brokers need to see this as an opportunity to reengage with their back-books.
“The same opportunity can be seen in the buy-to-let space – much work needs to be done here to attract new and veteran landlords, with specialist lenders leading the way in providing flexible and innovative products.”
Jackie Bennett, director of mortgages at UK Finance, said: “Purchases in the buy-to-let market continue to be constrained by recent regulatory and tax changes, the full impact of which have yet to be fully felt.”