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Mortgage lending falls

12/14/2016 12:00:00 AM   0 Comments   bridging loans, buy to let

Mortgage lending was 11 per cent lower in October this year than the same month last year with £10.5billion borrowed for house purchases compared to £11.8billion recorded in October 2015.

Home movers accounted for £5.9billion of this, an 18 per cent fall on last year, while first-time buyers borrowed £4.5billion, down two per cent in the same period. It also marks sizeable monthly falls on September.

Furthermore, buy-to-let lending has fallen drastically. Landlords borrowed £3billion, down 21 per cent on October 2015, although it is up slightly on September, the data from the Council for Mortgage Lenders shows.

Lee Boyce
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