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24

Drive to Beat Tax Increase Sends U.K. Mortgage Demand Surging

By Tony Seruga

U.K. mortgage lending rose the most in more than seven years in January, adding to evidence of a surge in demand by property investors before a tax increase takes effect in April.

Gross mortgage lending jumped 38 percent compared with a year earlier, the biggest increase since July 2008, the British Bankers Association in London said on Wednesday. Approvals for loans rose an annual 27 percent, with remortgaging up 42 percent as homeowners tried to lock in low interest rates…

Drive to Beat Tax Increase Sends U.K. Mortgage Demand Surging

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