The proportion of landlords remortgaging their investment properties has fallen to its lowest level for over two years, according to Paragon Mortgages.
A survey of mortgage brokers found that 39% of landlords obtained a buy-to-let mortgage via a financial adviser for remortgage purposes in the three months to September, the lowest level for a quarter since the first three months of 2007.
By contrast, almost half of landlords (48%) obtained a mortgage to extend their portfolio in the third quarter of 2009 – a vast improvement on quarter four of 2008, when 31% of landlords said they had taken out a buy-to-let mortgage to extend their portfolio. John Heron, managing director of Paragon, said the trend was encouraging.
Source – eMoneyfacts
Justin Moy