In today’s video we bring you good news about lending for the buy to let market. There are signs proven in the video that the buy to let market is in good shape. Buy to let lending has hit its highest level since the surge in stamp duty.
The Council of Mortgage Lenders reported that £3.9 billion was borrowed by investors in November 2016 which was up by 10% on the previous month. In October 2016 the lending figure was £3.86 billion. This happened all before the introduction of the new affordability tests which started in January 2107. Also this is ahead of changes in tax relief which come into effect from April 2017.
Gross buy to let lending in November 2016 was the highest since the stamp duty changes on second properties was introduced in April 2016. Over two thirds of the buy to let loans were remortgages rather than straight purchases. There were a total of 21,000 buy to let loans issued in November 2016 compared to 18,270 loans in October 2016. The figure was down 10% on November 2015 figures.
This indicates that investor’s confidence is improving. With the new affordability tests coming into force, landlords are looking at alternative financing methods to continue their investments in the buy to let market. The demand for bridging loans has risen dramatically in the last few months. All of this implies that the appetite for property investment is still high.
The video then goes on to give some very useful tips to prevent frozen pipes in the cold weather. The cost of fixing burst pipes can be extremely high. NFU Mutual reported that the average cost for repairing damage caused by frozen pipes is around £4700.
With the confidence in the UK property investment market remaining solid it is a great time to get involved. We can offer you a “hands off” property investment partnership where you will make a good return on your investment while we do all of the hard work. For your free, no obligation meeting to discuss our hands off property investment partnerships please contact us here now.
Here is the video.