Buy-to-Let boom for brokers
A recent survey by Paragon Mortgages has revealed 43 per cent of brokers have reported an increase in buy-to-let business in Q3.
24.3 per cent of mortgages handled by intermediaries in Q3 were buy-to-let, an increase of 4.3 per cent against Q2. This rise means buy-to-let business for brokers is now at its highest proportion since the beginning of 2007 (when Paragon started recording data).
And, with news of increased lender activity, Q4 and beyond holds promise for further increases.
Both Barclays and Abbey for Intermediaries are joining the buy-to-let party. Barclays have announced its intentions to quadruple its BTL business over the next 12 months. Meanwhile, Abbey for Intermediaries has confirmed its entrance into the BTL market.
In his first media interview, Managing Director of Abbey for Intermediaries, Miguel Sard confirmed the lender’s arrival into the BTL market with intentions to distribute products exclusively to brokers for launch:
“Buy to let is a very good opportunity to us, but we are not there yet. We want to have the same service in buy to let as we do in residential mortgages.
“We don’t have any timeframes for launch, although we want it to be sooner rather than later. Once we have the training, processes and products in place, we will launch.”¹
Content correct at time of publication