Some 62 per cent of landlords who are planning to remortgage over the next year plan to do so through a broker or intermediary, data from Precise Mortgages shows.
The Q3 2019 Landlords Panel research conducted by BDRC on behalf of the specialist lender surveyed 888 landlords and found that 31 per cent had intentions to remortgage next year due to increased competition and product innovation.
Of those planning to remortgage, 63 per cent are doing so to avoid being moved on to standard variable rates. However, 22 per cent said they were doing so to get a better rate, while 24 per cent cited releasing equity as a motive.
The study found landlords with more than four properties were the most likely to change mortgage deals over the next year – with 35 per cent preparing to remortgage compared with 19 per cent of those with one to three properties.
Alan Cleary, Group Managing Director of Precise Mortgages, said: “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.”