Record numbers of landlords re-mortgaging

Landlords are looking to re-mortgage in record numbers in order to free up funds to buy further properties according to haart.

New figures from the UK’s largest independent estate agent show that the percentage of Buy-to-Let re-mortgage applications last month was at its highest level all year.

The number of Buy to Let mortgage applications remained the same.

And, when it came to the type of mortgages, the number of landlords opting for fixed rates rose to 62.1%, the highest it’s been for many months. The number choosing discounted or tracker rates fell by some 10% to 37.9%.

The trend towards landlords re-mortgaging comes in the wake of a boom in the number of people choosing to rent property over the last 12 to 18 months. This is reflected in double digit rises in average rents in certain parts of the UK.

haart has a network of mortgage advisors based throughout its branch network backed by a team of support staff at the company’s national headquarters. haart’s parent company Spicerhaart recently announced it was joining the Legal & General Network as part of drive to enhance service levels for its customers.

Article courtesy of Mortgage Introducer

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