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Landlords trust brokers to find the best deal

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."

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