Net mortgage borrowing has surged in June, according to the Bank of England's latest monthly Money and Credit statistics.
Individuals borrowed, on net, £2.7bn of mortgage debt in June, up from £1.3bn in May.
While net mortgage approvals for house purchases remained stable at 60,000, remortgaging approvals dropped from 29,300 to 27,500 over the same period.
Gross lending decreased to £20.8bin in June, from £22.6bn in May, while gross repayments declined by £1.6bn to £18.7bn.
Emma Cox, managing director of real estate at Shawbrook, said: “Despite the added dynamic of the general election, mortgage approvals for house purchases have remained broadly stable as the market outlook becomes more positive, offering hope for landlords.
“Confidence appears to be returning to the market which is adapting to higher interest.
“Professional landlords are keen to secure deals, expand their portfolios, and diversify their strategies.
“High-yield options, such as HMOs and semi-commercial properties, are particularly popular as these landlords aim to grow their businesses.”
Andrew Montlake, managing director at Coreco, commented: “While it may finally be a hot, lethargic summer, lenders have not been resting on their sun loungers, and rate cuts have started to filter through with increasing regularity.
“With five-year fixes now available with a three at the front once again, the mortgage and housing markets are primed for take-off in the latter half of the year."
