Latest figures have shown that buy-to-let mortgages rose steadily in the twelve months from February last year.
Statistics from the Council of Mortgage Lenders have revealed that 15,900 buy to let loans were taken out in February. Despite this figure being down 13% from January, this signaled an 11% rise from February 2014.
These loans totalled £2.2 billion, down 12% from January but up 16% from February last year. Buy-to-let remortgaging followed a similar pattern, falling 19% from January, to 8,400. However, this was a substantial increase of 23% from twelve months ago.
Overall value of these loans amounted to £1.3bn, a very large increase of 31% year-on-year.
Year on Year rise in Buy to Let Mortgages
Paul Smee, director general of the Council of Mortgage Lenders, said that the rise in buy-to-let activity was due, ‘almost completely to remortgaging which is typically strong in the buy-to-let market.’