BTL Mortgage Approvals Continue to Rise

The latest figures from the Council of Mortgage Lenders show 18,200 buy-to-let loans, therefore March 2015 is up 12% on the previous month and up 21% on the same period in 2014. The total value of these loans came to £2.7bn which is up 13% compared to February and 35% on March 2014.

The number of buy-to-let loans used for house purchase was 8,600 in March and that is an increase of 8% on February and 13% on March 2014. These loans represented a value of £1.2 billion which again is a considerable increase of 20% month-on-month and 33% year-on-year compared to March 2014.

The number of buy-to-let loans arranged as a remortgage increased 15% in March from February to 9,400, which was an increase of 29% on March 2014. The value of these loans totalled £1.4bn, up 8% month-on-month and 27% compared with March 2014.

This demonstrates a very strong market, particularly for investors who are actively re-financing existing portfolios as well as purchasing further investment property. Lenders certainly have an appetite to lend for robust proposals which is also evident with the latest figures supporting considerable growth.

The increase is also evident on a local basis, with a huge amount of activity in South Wales. The team at Harvey Bowes also run the Cardiff pin (Property Investors Network) group which meets at the Holland House Hotel, Newport Road in Cardiff. There are more and more Landlords attending the meeting, both those locally and those who may be based further afield however, invest in South Wales. To find out more about Cardiff pin, go to www.cardiffpin.co.uk

Although we approach the summer period which traditionally sees a slight levelling of activity in the market, it will be interesting to see whether 2015 follows the same pattern. Potentially, some investors may have been holding back depending on election results, especially with the controversial plans Labour were looking to enforce which would have hit Landlords in the pocket both long and short-term. If there were investors holding back, they may feel confident now that the election is over and this may provide a substitute to those tailing off for the summer months.

If you are looking re-financing your existing portfolio, or looking to make an investment purchase, contact one of the team at Harvey Bowes today on 029 2175 4150. You can also go to our main website by clicking this link: www.harveybowes.com

Advertisements
%d bloggers like this: