Re­mort­gag­ing boosts loan val­ues

Yorkshire Post - Property - - PROPERTY -

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.

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