Buy-to-let re-mortgages outstripped purchases by more than two to one last year and the trend continues. Re-mortgages for buy-to-let properties accounted for more than 65% of all transactions in 2015, houses in multiple occupation and multi-unit freehold blocks have seen even greater activity. A local broker in Kent commented “these results are not surprising, for some time now landlords have been making considerable savings through re-mortgaging”. “Many have also released equity to make improvements or plan further expansion of their portfolios”. “I do anticipate the trend will slow as the year progresses, due to those landlords having re-mortgaged to expand their portfolios thus avoiding having to pay the 3% surcharge on stamp duty”. “On a positive note the number of enquiries and applications for purchase finance is some 34% higher than this time last year”. “It is going to be a very interesting 12 months ahead to see just how the business develops, all the signs at present are very positive”. Mortgages: The number of lenders operating in the buy-to-market place increased last year and now stands at over 30. The number of mortgage plans seems to keep growing and currently stands in excess of 1000 with Limited company buy-to-lets becoming more popular by the day. If you are thinking of re-mortgaging or getting onto the ladder there are some extremely good deals to be had as lenders battle to secure new business. It is highly recommended to seek professional advice before proceeding as the choices are vast and a wrong move could cost a great deal in the long run.
