Brokers report rise in B2L business in Q3
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Buy-to-let mortgages accounted for the highest proportion of brokers’ business in Q3 since Paragon Mortgages started recording the data at the beginning of 2007, research from the lender has revealed.
Buy-to-let deals accounted for 24.3% of mortgages processed by intermediaries in Q3, up from 20% in Q2.
Residential owner-occupier mortgages accounted for 66.6% of intermediary business, down from 72.2% in the previous quarter.
The survey also reveals that 43% of brokers reported an increase in buy-to-let business levels, compared to 7% who said business levels fell.
On average, intermediaries saw a 3.1% rise in buy-to-let business in Q3.
In addition, 58% of respondents said the availability of buy-to-let finance improved in Q3, while 31% said it stayed the same.
John Heron, managing director at Paragon, says: “It is positive to see that buy-to-let accounted for a growing percentage of intermediaries’ overall business levels during Q3.
“Given the pressures on the private rented sector, it is important that landlords continue to be active purchasers and develop their portfolios.”
He adds that there are plenty of opportunities for brokers to further develop their buy-to-let business, but argues more needs to be done to deliver products and advice to large-scale landlords.
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