A decline in mortgage lending for the purpose of buying a
home while borrowing for buy-to-let grows has prompted one property services
business to express its alarm at the imbalance. In its latest report, the
Council of Mortgage Lenders (CML) revealed that lending in April was “weaker”
compared to a year ago, with lending to first-time buyers declining compared to
March and April last year. Gross lending in April was £15.8bn, down from
£16.1bn in March and £16.8bn in April last year, the organisation said. Other
key aspects include:
- Home mover lending volumes went up slightly month-on-month but there was a year-on-year decline compared to April last year
- Home-owner remortgage activity declined compared to last year
- Buy-to-let continues to grow year-on-year, mainly driven by remortgage activity, although there was month-on-month decline compared to March.
Read more on the CML website.
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