Buy to let lending in UK increases

btlBuy to let lending in UK still well below levels a year ago. According to the figures from the Council of Mortgage Lenders, gross buy to let lending declined in September compared to August and remained down on year earlier levels but, on a quarterly basis, lending went up in the third quarter compared to the second quarter.

Steve Bolton, founder of Platinum Property Partners: “landlords facing changes to their tax regime next year unless plans to take away tax relief on mortgage payments, Although there was a slight recovery in buy to mortgage lending in the third quarter, both the value and number of purchase loans remains significantly lower compared to this time last year. While it is positive to see more first time buyers fulfill their dreams of home ownership, it is no surprise they are outpaced by home mover growth as they face far greater hurdles to enter the property market. The average rates fell three times faster for buyers with bigger deposits so, although affordability has improved for all, those scraping by with small deposits, typically first time buyers, have benefited at a much slower pace.

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