
Finder Lending Innovation Awards 2022
These awards recognise innovation in the areas of credit cards, loans, mortgages and BNPL. We reveal this year’s winners.
Read more…If you’re looking to invest in property with the view of renting it out, a buy-to-let mortgage is a great way of borrowing the necessary funds to do so. We looked at the latest reports to see how many Brits are investing in property using this lending method.
In the last 12 months over 234,000 buy-to-let mortgages were taken out in the UK. Of those 234,000 mortgages, 169,000 were remortgages and 65,000 house purchases. Explore the graph and table below to see how these have trended over the last 12 months. October saw the most new mortgages at just under 22,000 while December saw the fewest, with under 17,500 – almost 5,000 fewer than October.
Month | House purchase (£) | Remortgage (£) | Total (£) |
---|---|---|---|
Jul-18 | £800m | £2400m | £3200m |
Aug-18 | £800m | £2300m | £3100m |
Sep-18 | £700m | £2000m | £2700m |
Oct-18 | £800m | £2500m | £3300m |
Nov-18 | £800m | £2400m | £3200m |
Dec-18 | £700m | £2000m | £2700m |
Jan-19 | £700m | £2500m | £3200m |
Feb-19 | £600m | £2300m | £2900m |
Mar-19 | £700m | £2100m | £2800m |
Apr-19 | £700m | £2300m | £3000m |
May-19 | £700m | £2400m | £3100m |
Jun-19 | £700m | £2100m | £2800m |
In total there was over £36 billion worth of buy-to-let mortgage lending in the last 12 months, which consisted of £8.7 billion in house purchases and £27.3 billion in remortgages. Explore the graph below to see how the value of buy-to-let mortgages has trended over the last 12 months. October 2018 saw the highest value of £3.3 billion in buy-to-let mortgage lending, which coincides with an increased number of mortgages taken out in this month (see above).
Month | House purchase | Remortgage | Total |
---|---|---|---|
Jul-18 | 5,500 | 14,800 | 20,300 |
Aug-18 | 6,100 | 13,900 | 20,000 |
Sep-18 | 5,200 | 12,300 | 17,500 |
Oct-18 | 6,200 | 15,700 | 21,900 |
Nov-18 | 6,100 | 15,000 | 21,100 |
Dec-18 | 5,100 | 12,300 | 17,400 |
Jan-19 | 5,400 | 15,600 | 21,000 |
Feb-19 | 4,800 | 14,400 | 19,200 |
Mar-19 | 5,000 | 13,200 | 18,200 |
Apr-19 | 5,100 | 14,400 | 19,500 |
May-19 | 5,500 | 15,000 | 20,500 |
Jun-19 | 5,300 | 12,500 | 17,800 |
If you’re renting your property privately there is a chance you’re living in a buy-to-let property – so just how many Brits could be living in one? The latest figures from the Labour Force Survey show that 19% of Brits are living in private rented property, equal to 4 million people. Meanwhile, 64% of Brits are owner-occupiers (14.8 million) while the remaining 17% of Brits live in social rented properties (4 million).
Type of residency | Percentage |
---|---|
Owner-occupiers | 64% |
Private rental | 19% |
Social rental | 17% |
A buy-to-let mortgage allows you to purchase a house with the intention of renting it out. For this reason, a buy-to-let mortgage differs slightly from a normal mortgage where your own personal circumstances along with the rental potential will be taken into account by the lender.
Buy-to-sell mortgages are a short-term finance arrangement for buying property with the intention of selling it. They differ to buy-to-let mortgages in that you have no intention of renting it out.
When buying a home you’re subject to stamp duty rates depending on the properties price. When purchasing a second home or a buy-to-let property you’re subject to an increased rate of stamp duty by 3%.
Portion of property price | Percentage to pay |
---|---|
£0 - 125,000 | 3% |
£125,001 - £250,000 | 5% |
£250,001 - £950,000 | 8% |
£950,001 - £1,500,000 | 13% |
£1,500,001 + | 15% |
These awards recognise innovation in the areas of credit cards, loans, mortgages and BNPL. We reveal this year’s winners.
Read more…Tax-free threshold drops from £500,000 to £250,000 for properties purchased after the stamp duty change on 1 July.
Read more…These inaugural awards recognise the lending providers displaying the best innovations in their field.
Read more…These awards recognise innovation in the areas of credit cards, loans, mortgages and BNPL. We reveal this year’s winners.
Read more…What you need to know about getting a mortgage if you’re buying or refinancing a farm or farmland, including the factors lenders consider when you apply for one.
Read more…Everything you need to know about taking out a mortgage to buy or refinance a pub. Find out where to get one, how to get the best deal and the factors lenders consider.
Read more…If you’re in need of a buy-to-let mortgage, this guide looks at how you can find the best one for your circumstances.
An in-depth guide to special purpose vehicles and how they can help you reduce your income tax bill if you’re buying property to let.
Discover the steps you need to take to legally rent out your home.
Should you remortgage your buy-to-let property? The answer may depend on your circumstances.
Looking to switch your mortgage from buy-to-let to residential? We explain how.
Thinking of renting out your property? We discuss how to switch from a residential to a buy-to-let mortgage.
Unsure of the term consent to let? We explain what it means, why you might need it and whether or not it’s a good move.
The essential guide to letting a property to family, including what type of mortgage you need, and the rules and responsibilities that apply to landlords.
Discover what a consumer buy-to-let mortgage is, how they work and if you need one.