Mortgage figures show shift to buy-to-let
The mortgage market in 2007 showed a shift from lending for residential property purchases to buy-to-let borrowing, new figures have revealed.
In its December Best Buy Mortgage Tracker, mortgage broker Hamptons International revealed that the proportion of the market taken up by buy-to-let mortgages had increased by nearly 23 per cent, while the residential mortgage lending share had decreased by the same amount.
This took the share of buy-to-let mortgages from 17.2 per cent of the market to 39.5 per cent.
Hamptons managing director Jonathan Cornell commented: “This year review of 2007 mortgage trends highlights a clear swap in popularity between residential and buy-to-let mortgages,” adding that the latter had mainly fallen back in the later part of the year amid higher interest rates and economic uncertainty.
The increase comes on top of the 2006 figures for buy-to-let, which included 330,000 mortgages at a total value of £38.4 billion, according to Council of Mortgage Lenders Figures.
Source: KnightFrank.
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