There is no two ways about it, the buy-to-let market has become much more challenging for property investors of late for a broad variety of reasons, but that has not stopped Accord Buy To Let increasing its market share.
The intermediary only lender has announced its best results to date, despite a further driop in buy-to-let property purchases.
The recently released February mortgage figures from UK Finance revealed the buy-to-let house purchase market was almost 8% down year-on-year, whilst the number of buy-to-let remortgages was up more than 2%.
UK Finance suggested the buy-to-let property purchase market had continued to contract due to tax and regulatory changes, while buy-to-let remortgaging increased as borrowers moved from fixed rate mortgages and locked into attractive new rates.
But based on the latest market data for completions, Accord has seen its intermediary market share for February increase, bucking the trend against a market which fell from £3.3bn in January to £3bn in February.
Chris Maggs, senior commercial manager at Accord Buy To Let, commented: “There’s no denying the market has experienced a hit since the Government increased regulation in 2016, but as with most changes, following a brief period of adjustment things start to stabilise and that’s definitely visible from our figures.
“Our focus for the past 18 months has been purely on supporting brokers and landlords. By responding to feedback we’ve made some significant service improvements such as updating our rental calculator, streamlining the online broker journey and being more flexible with our criteria to ensure we can lend to as many landlords as possible.
“We’ve also developed our product offering, ensuring we offer a competitive range of products at all LTV band. There are additional developments on the horizon which will further enhance the experience for both brokers and landlords.”
David Hollingworth, associate director communications at L&C Mortgages, added: “In a testing market for landlords, it’s crucial to have a broad range of products to meet a diverse set of investor requirements and demands.
“Accord recognises the need for an expansive product range to ensure it has something on offer to suit everyone, whether they are looking for a low fee remortgage product or adding to a growing portfolio.”