Buy to let Mortgages

June 18th 2014
By: Melanie Hollidge

According to data from the Bank of England, Buy to let mortgage advances have increased an incredible 65% reaching £6.8billion during the period from January to March.

These figures also indicate that the buy to let mortgage applications accounted for 14% of all mortgage advances during the first quarter of the year – up 2% on 2013.

27% of all mortgages issued are for remortgages, of which many are undertaken to invest in a buy to let property.  The total advanced for remortgages was £12.9 billion in the first quarter – this is a 29% rise on the same period during the previous year.

It would appear that the buy to let mortgage market is on course to reach £25 billion over the duration of this year which would be a 20% increase on 2013.  The figures will be announced by the Council of Mortgage Lenders shortly.