Mortgages for Professionals

Remortgaging and buy-to-let lending has remained strong, according to the latest research by the Council of Mortgage Lenders (CML). Where high interest rates and borrowing costs have affected house purchases, the CML's regulated mortgage survey showed other lending has strengthened in September. Remortgage lending in September reached £11.1 billion which is £1.1 billion higher than in September 2006. Meanwhile, buy-to-let lending has grown by £1.5 billion from its September 2006 level of £5.3 billion. Stephen Leonard, director of mortgages at Alliance & Leicester, commented that the increase in remortgage activity "shouldn't come as a surprise". "These latest figures indicate that people are shopping around for the best value deals on their mortgages," he explained. "This is also a general reflection on the choice of mortgages that are available and the ease with which borrowers can move their mortgage within the UK market." Buy-to-let lending in September showed no growth compared to August, with remortgaging increasing slightly over the same period.