A new record set by landlords who borrowed more money than first time buyers in January
According to the Council of Mortgage Lenders (CML) Buy-To-Let mortgage lending jumped a massive 42% in January to £3.7 billion compared to 1 year ago. First time buyers only jumped 14% to £3.3 billion. This is the first time landlord lending has overtaken first time buyer lending.
The main reason is Landlords purchasing properties to beat the new 2nd property stamp duty tax of 3% extra is introduced in April plus the introduction of new buy-to-let EU rules being introduced which will make it harder to obtain mortgages in the future.
However landlords selling off properties is also on the increase as many review their property investments with upcoming tax changes such as the removal tax relief on buy-to-let properties.