According to the figures, around 63% of landlords planning to remortgage have to in order to avoid being moved on to standard variable rates. However, 22% say they are doing so to get a better rate, while 24% say one of their motives is to release equity.
The study by BDRC found landlords with more than four properties are the most likely to change mortgage deals over the next year – more than one in three (35%) will remortgage compared with 19% of those with one to three properties.
The research is good news for brokers - around 62% of remortgaging landlords will use a mortgage broker or intermediary, while 21% plan to go direct to their lender.
Alan Cleary, Group Managing Director of Precise Mortgages, said: “With Buy to Let rates being reduced it makes sense for professional landlords to optimise their investments by remortgaging but clearly landlords need specialist support from brokers as the study demonstrates. Precise Mortgages is currently one of the most recommended specialist mortgage lenders and can help portfolio landlords, limited companies, those looking at HMOs, and even first-time landlords to find solutions and support them through the process.”
