Lending for buy-to-let shrinks by 22%

Applications for mortgages surged 22% last week on a seasonally adjusted basis, as refinancing applications surged to their highest in three years, the Mortgage Bankers Association said Wednesday.

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According to the research from buy-to-let focussed marketplace lender. That figure nearly doubles in the north east (27%).

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Provisions in Q2 2019 took 23% bite out of the bank’s $5.7 billion revenues

Lenders issued 700 million of buy-to-let mortgages in May, down 22.2 per cent compared with the same month a year earlier, according to UK Finance, the trade association for banks and building.

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Despite a continuing lack of funding, 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.

Lending for buy-to-let. Buy-to-let lending for house purchase has performed more strongly than the home-owner loans for house purchase for most of the year, which in part is due to buy-to-let lending declining more than home-owner loans during the downturn. It currently accounts for 17% of gross lending in June.

CIBC FirstCaribbean International Bank (Bahamas) Limited’s first quarter financial statement reported four percent growth in its performing loan portfolio, with a 22 percent increase in net income, compared to the same quarter last year. CIBC FirstCaribbean recorded $22.8 million in net income in the first quarter, which was up $4.1 million.

Mortgage squeeze fuels surge in buy-to-let investors Buy-to-let investors are emerging as one of the surprise beneficiaries of the famine in mortgage lending, according to new research.

Total PCLs across all divisions totalled $948 million in the third quarter of the year, down $504 million from $1.5 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