More than half of all landlords surveyed in Paragon’s latest PRS Trends Report for Q3 2019, said that they are most likely to source their next mortgage from their existing mortgage broker.
Asked the question for the first time in Q3 2019 as part of Paragon’s long-standing PRS Trends survey, completed by a panel of 201 experienced landlords, 57% said they are most likely to return to the same broker for their next mortgage, whilst 41% expect to go straight to a lender despite the market being so heavily intermediated. Interestingly, only 16% say they’re likely to consider an online mortgage broker service and just 10% are likely to switch brokers.
The report reveals little disparity between portfolio (59%) and non-portfolio landlords (50%), with both groups most likely to stick with their existing broker when choosing a new mortgage.
John Heron, director of Mortgages at Paragon, said: “With so much change in the PRS in recent years, landlords have had to adapt quickly to higher taxation which has impacted returns on their portfolios. Throughout that time, landlords will have relied more heavily than ever on intermediaries to help them get the very best deals available. Therefore, it is no surprise that, whilst the future remains unpredictable, landlords are maintaining some stability by reusing the same brokers for their next mortgage.”