Buy to let mortgage purchases up 5 per cent in January
A mortgage broker has revealed buy-to-let purchase mortgages taken out in January increased by over 5 per cent compared to December 2007. In December 2007 buy to let purchase mortgages were at 39.53 per cent, this increased to 44.54 per cent in January 2008.
The broker’s January best buy mortgage tracker’s figures reveal that the buy to let market remains resilient against the credit crunch.
In comparison to this time last year, proportions of buy to let purchase mortgages taken out by Hamptons customers have increased by a massive 33.43 per cent (11.11 per cent January 2007 to 44.54 per cent January 2008).
Home purchase loans also saw a slight growth last month – up by nearly 2 per cent (13.18 December 2007 – 14.85 per cent January 2008).
Although this figure was down 12 per cent on January 2007 (26.67 per cent January 2007 – 14.85 per cent January 2008), this marginal increase signals that despite tightened lending criteria and lack of mortgage funding, borrowers are still able to get onto the property ladder.
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