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Mortgages down; remortgages up

By Matthew Plant

24 February2021

Mortgage application and house keys Last year, mortgage lending for house purchases fell by 6%, according to the Council of Mortgage Lenders (CML), but the amount of money lent out for remortgages shot up by a full 17%.

Buy-to-let mortgages have also 'put in a more robust performance' in recent quarters. Again, a lot of this was down to the number of landlords getting a new mortgage on properties they already owned, but landlords also bought more houses in the second half of 2011.

Altogether, gross mortgage lending (the total amount lent out, regardless of how much was repaid) was up 4% last year, compared with 2010. Reaching a total of 140.7 billion, this marked the first increase we've seen since 2007, although the CML points out that a 'key ingredient' here was the recovery in mortgage activity from the very weak levels we saw the year before.

Moving on to FTBs (first-time buyers), the CML says we could see a short-term boost in mortgage lending over the next few weeks before the stamp duty concession comes to an end one month from today.

Image iStockPhotos / Kaan Tanman

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Tags: mortgage, remortgage, CML, Council of Mortgage Lenders, lending, mortgage lending, figures, statistics, first time buyers, FTB, BTL, buy to let

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