The number of new buy-to-let home purchase mortgages completed in March 2019 had dropped by 9.1% from the same month last year, new figures show. According to the data from UK Finance, there were 5,000 new buy-to-let mortgages completed during the month.
It was also revealed there were 14,400 remortgages in the buy-to-let sector, which equates to 3.9% more than in the same month last year. This means that despite buy-to-let house purchase activity continuing to drop - no doubt due to tax and regulatory changes - buy-to-let remortgaging has increased year-on-year for the second month in a row.
In addition, the data showed the number of new first-time buyer mortgages completed during March this year decreased by 2.4% when compared to the same month in 2018. This was the first year-on-year decrease in first-time buyers since September 2018. Moreover, there were 25,280 homemover mortgages completed during the month - 6% fewer than the same period last year.