Stampede of Property Investors Drives Mortgage Lending to 2008 Levels

Bank report new year rush of buy-to-let investors, looking to avoid April tax rises

Emma Simon 24 February, 2016 | 12:40AM
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Property investors keen to avoid higher stamp duty charges have helped to drive mortgage lending up to an eight-year high.

Figures released by the British Bankers’ Association (BBA) show that in January gross mortgage borrowing rose to £13.6billion – its highest level since mid-2008, and an increase of 38% year on year.

The BBA said that the number of mortgage approvals had increased by a third, with mortgage for house purchases rising by 27% and remortgage deals up by 42%.

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About Author

Emma Simon

Emma Simon  is a financial journalist, specialising in investment and consumer issues, writing for Morningstar.co.uk