Remortgaging boosts loan values
THE value of new buy-to-let loans increased by 21 per cent in the second quarter of 2011, driven mainly by remortgaging, according to new data released today from the Council of Mortgage Lenders.
There were 32,000 buy-to-let loans, worth £3.5bn, taken out from April to June, the highest number and value since the last quarter of 2008.
Remortgaging accounted for 65 per cent of the overall increase in buy-to-let lending in the quarter. The value of the 15,230 loans for remortgage, at £1.6bn, was 27 per cent higher than in the first quarter and accounted for 53 per cent of the total gross buy-to-let lending – up from 51 per cent in the first quarter.