Re­mort­gages on buy-to-lets drop

Yorkshire Post - Property - - PROPERTY -

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.

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