Buy to let mortgages leaps to new level

buy-to-let-risesThe hurry to complete buy to let purchases before April has driven mortgage approvals to a two year high. In January the number of loan approvals has hit 74,581, which are up from the average of 70,221 over the previous six months. According to Bank of England, the number of approvals for remortgaging was 42,228, up from 40,306 over the last six months.

Richard Sexton, director of chartered surveyor e.surv, says: “Landlords only have a few months left before the tax changes in April, when more corrective stamp duty charges on new purchases will come into play. We are seeing a last minute lift in lending as landlords push through their purchases before this deadline. Above inflation wage growth on record low mortgage rates is also at the bottom of strong core mortgage lending.”

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