Landlords hunting cheapest mortgages in growing numbers

Mortgage industry tech firm Twenty7tec says March 2023 saw the highest-ever volume of Buy To Let mortgage searches in a single month on its platform.

Some 347,419 mortgage searches for Buy To Let mortgages were handled in March. 

This represents a 12.6 per cent increase on the volume of Buy To Let searches in February 2023.

Spokesperson Nathan Reilly explains: “March saw overall mortgage searches records set and this was also true for the total number of Buy To Let mortgage searches which we handled. In fact, ten of our busiest ever 12 months for BTLs have been over the past year.

“The proportion of BTL mortgage searches has, however, been dropping over the past few months since a 12-month high in September 2022 of 20.69 per cent to March 2023’s figure of 18.75 per cent.

“The new record levels of Buy To Let searches have not yet translated into record levels of Buy To Let documents being created, so it seems as if landlords are having a look, but biding their time a little. 

“The March 2023 drop in availability of mortgage products with a maximum Loan To Value of 65 per cent which means that we have a bit of a mismatch between landlord demand and lender supply at the moment.” 

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