Alan Cleary

One in four brokers expect significant issues for BTL remortgage customers




More than half of brokers (55%) expect to face some issues placing buy-to-let remortgage cases, according to a new study.

Research from Precise Mortgages has found that one in four buy-to-let brokers are facing significant issues as the second anniversary of the rush to beat the introduction of the 3% stamp duty land tax surcharge approaches.

In the run up to the changes, £4.3bn of lending was completed in March 2016, with 28,700 buy-to-let mortgages being advanced, according to data from the Council of Mortgage Lenders.

Customers who bought with two-year fixed rates will now potentially wanting to remortgage.

Alan Cleary, managing director of Precise Mortgages (pictured above), said: “Brokers are clearly nervous about potential issues with buy-to-let remortgage cases with the stamp duty anniversary deadline looming. 

“We see ourselves as a lender with solutions to many of the problems brokers and landlords may face.”

More than two-fifths of brokers (42%) said that they wanted lenders to be more willing to look at the customer’s income when assessing remortgage applications.

“Many customers may be struggling to get the loan they need on the high street with lenders less willing to accept applications despite having been keen to do so ahead of the increase in stamp duty,” added Alan.

“There is a real need for specialist lenders to cater for borrowers that the high street will no longer service.”

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