Buy-to-let mortgage approvals increased in July, up 5.5% year-on-year, suggesting that market conditions are improving, the latest UK Finance report shows.
There were 5,500 new buy-to-let home purchase mortgages completed in July, up 5.5% on the corresponding period in 2018, while buy-to-let remortgaging also increased.
There were 15,100 remortgages in the buy-to-let sector, which is 2% higher than in the same month last year.
Reflecting on the rise in buy-to-let purchases and remortgages, Andrew Montlake, managing director of the Coreco, said: “What’s encouraging is the pick-up in buy-to-let purchase mortgages. After a tumultuous four years, the market appears to have bottomed out.
“Buy-to-let will never be the force it once was but on this evidence there is life in it yet.
“We urge people to not rush into a product transfer as while the rates being offered might look competitive, there will often be something better out there.
“The property and mortgage markets as a whole are ticking along nicely given the depth of political uncertainty.
“Brexit may still dominate the airwaves but it’s no longer causing people to put their lives on hold.”