Brokers ‘need to offer more support to hard-pressed...

Landlords need greater support from mortgage advisers in order to navigate the best course through the current economic climate.

That’s according to Property Circle, the provider of what it calls “the UK’s first 24/7 client database monitoring platform.”

Chief executive Marc Randall says: “Being a broker and landlord for the past twenty years, I have seen the rise of buy to let but in today’s uncertain climate, landlords have never needed more support and advice than now.

“The best advisers are hands on with their landlord clients, but with so many factors, such as interest rates and property values changing almost daily, it is nearly impossible to present an effective plan on the right time to buy, stick with individual properties in an existing portfolio or to sell.”

He adds: “From my own experience, I have calculated that it would take approximately 42 days for a mortgage broker with 500 clients to manually review every mortgage account they have.

“Now, while the majority of individual BTL landlords do not have portfolios that large, in the current climate, it surely follows that every mortgage adviser, letting or estate agent trying to keep up to date with multiple landlord clients’ portfolios currently face an impossible task beyond providing a general overview.

“What is needed is a system that constantly monitors each and every property within the portfolio, looking at the property value relative to the equity and the current mortgage benchmarked against the current market offerings every day.”