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Just a third of landlords plan to remortgage this year – TMW

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  • 18/06/2020
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Some 30 per cent of buy-to-let landlords are planning to remortgage in the next 12 months, while 12 per cent are unsure, analysis from The Mortgage Works (TMW) has found.

 

According to a survey of 538 landlords, those with property in Yorkshire and Humber are most likely to remortgage in the next 12 months with 44 per cent saying so. 

Above average remortgage intentions were also declared among landlords in the North West at 40 per cent, the East Midlands and 36 per cent, London at 35 per cent and the South West at 31 per cent. 

Landlords with properties in Wales are least likely to remortgage, with just 22 per cent saying they planned to do so this year. 

 

Portfolio differences 

Those with larger portfolios are more likely so seek a new mortgage this year; 44 per cent of landlords with more than 20 properties cited so compared to 14 per cent of those with one property. 

Landlords with complex properties are also expected to remortgage. Some 46 per cent of those with homes in multiple occupancy plan to do so, followed by 43 per cent with blocks of flats. 

The survey also found that landlords with four or more mortgages had a higher chance of refinancing this year with 39 per cent citing their intentions, compared to 24 per cent of those with one to three. 

Furthermore, 45 per cent of landlords with properties under a limited company vehicle are seeking to remortgage compared to the 27 per cent of those without a limited company. 

 

Future intentions 

Of those who are looking for new deals this year, 53 per cent hope to expand their portfolio while 28 per cent want to dispose of properties. 

 

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