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Scottish brokers most positive about B2L future: L&G

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Brokers in Scotland are the most confident about buy-to-let’s future, according to Legal & General.

L&G research shows that 63 per cent of Scottish brokers think the 2016 buy-to-let market will remain the same size as last year, despite the 2015 surge in activity.

Just 49 per cent of mortgage advisers in London were as positive.

But opinion varied across the UK. In Manchester, 71 per cent of brokers thought there would be a reduction in buy-to-let in 2016.

In Nottingham, 57 per cent of brokers expected the buy-to-let market to either expand or remain the same this year.

Legal & General Mortgage Club director Jeremy Duncombe says: “Despite a whirlwind of changes to the buy-to-let market, including the Government’s stamp duty hike and the reductions in tax relief on the horizon, it’s clear that a large number of brokers remain confident that buy-to-let will remain strong in 2016.

“Though there are concerns that Government interference could mean a reduction in buy-to-let activity this year, our research shows that many brokers in both England and Scotland believe the market to be well positioned to absorb the impacts of these measures.

“Even now, amid the uncertainty brought about following June’s referendum result, borrowers will be looking to remortgage their buy-to-let properties as a potential reduction in rates looms.

“Brokers need to grasp this opportunity by contacting their books now to ensure these individuals get the crucial advice they need when it comes to securing a better rate on their mortgage.”

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