Nearly a third of landlords plan on remortgaging over the next year
Nearly a third of landlords (31%) plan to remortgage over the next year, BDRC has found on behalf of Precise Mortgages.
Around 62% of remortgaging landlords will use a mortgage broker or intermediary, while 21% plan to go direct to their lender.
Alan Cleary (pictured), group managing director of Precise Mortgages, said: “With buy-to-let rates being reduced it makes sense for professional landlords to optimise their investments by remortgaging but clearly landlords need specialist support from brokers as the study demonstrates.
“Precise Mortgages is currently one of the most recommended specialist mortgage lenders and can help portfolio landlords, limited companies, those looking at HMOs, and even first-time landlords to find solutions and support them through the process.”
Around 63% of landlords planning to remortgage have had to in order to avoid being moved on to standard variable rates.
However, 22% said they are doing so to get a better rate, whilst 24% said one of their motives is to release equity.
Landlords with more than four properties are the most likely to change mortgage deals over the next year.
More than one in three (35%) will remortgage compared with 19% of those with one to three properties.