Homeowner mortgage numbers rise but not enough to affect Buy to Let

18 March 2012 Categories: News

Homeowner mortgage numbers rise but not enough to affect Buy to Let

The number of homeowner mortgages approved in January, and especially first time buyer mortgages, saw an increase of 23% when compared to the figures for January 2011.
According to the Council of Mortgage Lenders, nearly 36,000 first-time buyer mortgages were approved during the first month of this year – a sure sign that wannabe homeowners were taking advantage of the stamp duty holiday which is due to end on March 24th.

Now that the official date on which a mortgage application needed to have been made by has passed the number of mortgage applications and mortgage approvals will again drop to levels more telling of the previous months.

Experts in the buy to let industry say this sudden rise in first time buyer mortgage approvals will have little or no effect on the overall number of tenants still residing in the private rental sector, and the demand for good properties within the sector will continue to be as high as they have been of late.

This is welcome news for landlords everywhere, and particularly now that several big name mortgage lenders are considering an increase in mortgage interest rates across the board later this year.