Buy to Let Lending Falling Behind Personal Mortgage Lending
The buy to let sector of mortgage lending appears to be lagging behind the sector of personal mortgage lending, according to the latest financial data to be released. During the month of November, UK Finance data showed personal mortgage lending rising as buy to let lending deteriorated a bit compared with the same month a year ago. Mortgage lending for buy to let fell almost 2% and remortgage buy to let slid almost 4%.
This data did not shock many close to the housing market as the base rate was hiked in early November creating a frenzy of activity in both sectors. Although the buying habits of everyday residents has been hampered recently by rising inflation, entrants to the buy to let sector have also been set back on their heels by a number of new government regulations and new taxes. The fact remains though; the housing market is still being referred to by experts as quite buoyant.
Remortgage is continuing to show strong signs of activity from UK house owners looking to potentially save money each month on the cost of mortgage repayment. Interest rates remain at historically low levels which is making it easy for lenders to offer deals featuring the same. Deals do not just contain low interest levels. They also include an easy application process and quick approvals. Remortgage is standing tall as a potential way to reset the family budget and create a path to a more successful financial future. Deals on the table also include affordable closing costs and administration fees.