Buy-to-let Remortgage Level Slips

Dec. 2, 2009 - PRLog -- The number of people choosing to remortgage their buy-to-let property in the current economic climate is at a two year low, according to new figures.


Paragon Mortgages' Financial Adviser Confidence Tracker Index revealed that only 39 per cent of all home loan activity in the buy-to-let sector was for remortgages in the third quarter of this year.


This is compared to property purchases in the same period, where 48 per cent of landlords took out a mortgage in order to expand their portfolios in preparation for an economic recovery.


John Heron, managing director of Paragon Mortgages, explained why landlords are not remortgaging .


"They can't because of the low number of mortgages available and there is little incentive to do so because the reversion rates when coming off an introductory deal are so attractive," he claimed.


Property investment advisory firm Assets recently said that landlords looking to take out a buy-to-let mortgage need to make sure they are happy with their lender before doing
business.


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