Remortgages on buy-to-lets drop
The proportion of buy-to-let remortgage business being handled by brokers fell to its lowest level for five years during the first quarter of 2010, research from Paragon Mortgages has revealed.
Paragon’s Financial Adviser Confidence Tracking Index, a panel-based survey of mortgage brokers, found that remortgaging accounted for 28 per cent of buy-to-let business during the period, down from 30 per cent in the final quarter of 2009.
This is the fifth consecutive quarterly fall and the lowest level since the first quarter of 2005.
Conversely, the proportion of first-time landlords rose for the second consecutive quarter, accounting for 21 per cent of broker’s buy-to-let business.