Lending for buy-to-let shrinks by 22%
· A strong second quarter brought the total lending for the first half of the year to £9.3 billion, an increase of 22% compared to the same period last year. A significant driver of this growth has been re-mortgage lending. In total in the first 6 months of the year BTL re-mortgage lending was 24% higher than the same period last year.
The buy-to-let market rocketed last year, according to the latest data from the Council of Mortgage Lenders. At the end of the year there were an estimated 1.3 million buy-to-let mortgages outstanding, worth 152bn, accounting for 12% of the total value and 11.5% by number of mortgages outstanding.
Your total withholding on that .5 million works out to $405,000: the 22% rate ($220,000) plus the 37% rate ($185,000). Of course, that’s still $1,095,000 that you didn’t have before. More Realistic Bonuses
Fixed rate mortgages: The TEC 10 index The TEC 10 index in France gives an indication of how much the French government is charged to borrow money on a 10-year basis. In this way it is also an indicator of economic confidence and the perceived outlook for growth.
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Paragon Banking Group today reported a 41% increase in new lending across all business lines to deliver 661 million of new lending in the first quarter of 2019. Within this total, Paragon’s mortgage lending grew by 22% to 449 million, with buy-to-let advances up 24% to 425 million.
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Total PCLs across all divisions totalled $948 million in the third quarter of the year, down $504 million from .5 billion 12 months prior. Provisions were also down on the quarter, $262 million (22%) lower than at end-June. The CCB division reported a PCL drop of $537 million (35%) year
When asked how they intend to deal with these challenges, one in six (17%) say they will increase rents to cover the higher costs, while a further 17% will sell some of their properties. One in 10 (10%) will reduce the value of their buy-to-let mortgages so they are borrowing less. Remortaging