Hub Page
Video: Landlords on SVRs are ‘nervous about coming forward to remortgage’ – Montlake
Landlords are sitting on standard variable rates (SVRs) because they are nervous about coming forward to remortgage their properties, according to Coreco.
However, speaking on Mortgage Solutions Television in association with BM Solutions, the broker said these clients were unaware they could be helped with product transfer deals.
Coreco managing director Andrew Montlake said: “Landords might be nervous about coming forward, because they might have applied in a very different market when things were a lot easier, they might be siting on legacy rates.
“So they are a bit concerned if they put their head above the parapet.”
He noted that the buy-to-let product transfer market had not taken off yet, but it was starting to, although lenders could offer more flexible products as many landlords did not know if they were going to keep the property or sell it.
Conversations you need to have with landlords before the Renters’ Rights Act
Sponsored by BM Solutions
Phil Rickards, head of BM Solutions, added that the lender did have a lot of customers sitting on the SVR and that it was a great opportunity for brokers and customers.
https://vimeo.com/356874014