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TODAY'S OTHER NEWS

Buy-to-let investors put their faith in brokers

Seven out of 10 landlords arranged their last buy-to-let mortgage through an intermediary, in a vote of confidence for the broker sector.

Just 13% of landlords arranged their most recent loan directly with a lender in branch, according to the National Landlords Association (NLA).

Some 12% arranged their mortgage directly with a lender over the phone, and just 5% directly with a lender online.

The main reason landlords gave for using a broker was that they felt they were better placed to review products in the marketplace, named by 51% of those surveyed.

This was closely followed by landlords having established a longstanding relationship with their broker at 42%.

Of those who arranged their buy-to-let loan directly through the lender, 35% did so because they had an existing loan with them, and 27% because they already bank with them.

Carolyn Uphill, NLA Chairman, said: “Brokers will be pleased to know that a large proportion of landlords chose to use them when arranging a buy-to-let mortgage and it shows that a good relationship goes a long way in business.”

She said it defied the growing trend in most other products to completing transactions online.

“The variety of avenues to take when getting a buy-to-let mortgage can be time-consuming and overwhelming and it’s difficult to know whether you have covered all bases, especially for those landlords that are new to the market.

“This is why many put their faith in a broker and it reinforces that they are happy with the service they get."

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