Buy-to-let mortgage approvals increased in July, up 5.5% year-on-year, suggesting that market conditions are improving, the latest UK Finance report shows.
There were 5,500 new buy-to-let home purchase mortgages completed in July, up 5.5% on the corresponding period in 2018, while buy-to-let remortgaging also increased.
There were 15,100 remortgages in the buy-to-let sector, which is 2% higher than in the same month last year.
Reflecting on the rise in buy-to-let purchases and remortgages, Andrew Montlake, managing director of the Coreco, said: “What’s encouraging is the pick-up in buy-to-let purchase mortgages. After a tumultuous four years, the market appears to have bottomed out.
“Buy-to-let will never be the force it once was but on this evidence there is life in it yet.
“We urge people to not rush into a product transfer as while the rates being offered might look competitive, there will often be something better out there.
“The property and mortgage markets as a whole are ticking along nicely given the depth of political uncertainty.
“Brexit may still dominate the airwaves but it’s no longer causing people to put their lives on hold.”
Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.