A significant number of landlords plan to remortgage over the next year, fresh research by BDRC, on behalf of Precise Mortgages, shows.
The study found that 63% of landlords planning to remortgage intend to do so in order to avoid being moved on to standard variable rates, while 24% plan to do so to release equity, while 22% are seeking a better borrowing rate.
Those with more than four properties are the most likely to change mortgage deals over the next year – 35% will remortgage compared with 19% of those with one to three properties.
Alan Cleary, group managing director of Precise Mortgages, commented: “With buy-to-let rates being reduced it makes sense for professional landlords to optimise their investments by remortgaging but clearly landlords need specialist support from brokers as the study demonstrates.
“Precise Mortgages is currently one of the most recommended specialist mortgage lenders and can help portfolio landlords, limited companies, those looking at HMOs, and even first-time landlords to find solutions and support them through the process.”