November 15, 2011
Buy to Let Remortgage Applications Rise Again
According to Paragon Mortgages, one of the biggest specialist lenders of buy to let mortgages in the UK, over 35% of applicants directed to them via intermediaries in Q3 of this year were in the market for a remortgage rather than an initial buy to let mortgage.
When asked why they thought this was, Paragon spokesman and managing director John Heron speculated that many landlords at the present time are feeling very positive about the buy to let market and are thus looking to add to their property portfolios.
The intermediaries that provided the data for the statistical survey were asked about the reasons behind the sudden surge of remortgages. The results of the questionnaire showed that around 45% of buy to let remortgage applicants were looking to finance additional rental property purchases, while 34% were looking for a better interest rate.
These statistics are very encouraging and show that seasoned landlords have enough confidence in the state of the buy to let market to reinvest and further expand their portfolios. This confidence has been further boosted recently by the news of a huge deficit in the number of properties available to privately rent when compared to the number of tenants looking for a property.
With the number of new landlords constantly increasing and now the number of seasoned landlords deciding to reinvest via remortgaging, it seems that the buy to let property market is definitely the place to be when it comes to property investment.
