According to the National Landlords Association (NLA) seven in 10 (69%) landlords arranged their last buy-to-let (BTL) mortgage through an intermediary or broker.
13% of landlords arranged their most recent mortgage directly with a lender in branch; 12% directly with a lender over the phone; and just 5% of landlords arranged their latest buy-to-let loan directly with a lender online.
The research found the main reason given by landlords for using a broker was that they felt they were better placed to review products in the marketplace (51%). This was closely followed by landlords having established a longstanding relationship with their broker (42%).
Of those who arranged their mortgage directly through lender, 35% did so because they had an existing loan with them, and 27% did so because they already bank with them.
Carolyn Uphill, NLA chairman, said: “Brokers will be please to know that a large proportion of landlords chose to use them when arranging a buy-to-let mortgage and it shows that a good relationship goes a long way in business.
“These findings are interesting because, unlike most other products and services, completing transactions online is becoming more and more common.
“However, the variety of avenues to take when getting a buy-to-let mortgage can be time-consuming and overwhelming and it’s difficult to know whether or not you have covered all bases, especially for those landlords that are new to the market.
“This is why many put their faith in a broker and it reinforces that they are happy with the service they get."
Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.
.png)
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment