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BTL enquiries rise 47%


Buy-to-let enquiries rise 47 per cent

Average buy-to-let enquiries per intermediary increased by 47% in Q4 2016, according to the Intermediary Mortgage Lenders Association (IMLA) mortgage market tracker.

The report – which uses data from independent research consultancy BDRC Continental to examine intermediary sector activity – found that there was a 26% increase in the average number of mortgage enquiries received by intermediaries in Q4 2016.

The average number of mortgage enquiries has now reached 58 per intermediary – the largest average number recorded by the tracker.

Average remortgaging enquiries per broker also grew by 10.4% from Q3 2016 to Q4, matching a similar increase shown in data released by Paragon Mortgages in which remortgaging rose by 7% in 2016.

The number of applications in principle which resulted in full applications increased from 70% to 73%, while the proportion of full applications resulting in offers rose from 75% to 81%.

The data also showed a 33% increase in homemover enquiries per broker and a 13% rise in first-time buyer enquiries per broker between Q3 2016 and Q4.

Peter Williams, executive director of IMLA, said: “It is unsurprising that there was an increase in the numbers of borrowers seeking expert advice in the final quarter of 2016, given that the changes to buy-to-let underwriting standards and mortgage tax relief were looming large on the horizon.

“As the layers of regulation in the market become increasingly complicated, and the number of products increase, the intermediary market continues to play a very important role in the provision of mortgage finance to a variety of borrower types.

“It is very encouraging to see that the profile of the intermediary channel continues to grow among borrowers, and that many more are making it their first port of call.”





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