The Council of Mortgage Lenders (CML) has revealed there were 18,100 buy-to-let loans in September, representing lending of £2.5bn.
The number and value of these loans were up compared to August by 15% and 14% respectively. Compared to September 2013, this was a 24% increase by volume and 32% by value.
In the third quarter, the number of buy-to-let loans was 12% up on the second quarter and 18% up on Q3 2013. The value of these loans was 16% higher than the second quarter, and 28% up on Q3 2013.
Within the overall total of buy-to-let loans in September, 8,760 were advanced for house purchase and 9,260 for remortgage. The number of buy-to-let house purchase loans was up by 7% compared to August and up 15% compared to September last year. This totalled £1.1bn in value, up 8% on August and up 25% on September last year.
The number of remortgage loans increased significantly in September, up 26% on August and up 35% compared to September last year. These loans had a total value of £1.4bn, up 23% on August and up 38% on September last year.
In the third quarter of 2014, there were 26,370 loans for buy-to-let house purchase, up 10% on the previous period and up 16% on the third quarter 2013. These loans totalled £3.3bn, up 12% quarter-on-quarter and up 26% on the third quarter last year.
Buy-to-let remortgage lending totalled 25,150 loans with a total value of £3.8bn, up by 16% by volume and 18% by value on the previous quarter. In comparison to the third quarter last year, total number of loans increased by 21% and the value of these loans increased in this period by 28%.
