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Buy-to-let borrowing stable despite slowdown in overall mortgage market

Paragon’s latest Financial Adviser Confidence Tracking report, based on interviews with 201 mortgage intermediaries, has revealed a slowdown in overall mortgage business during Q3 2019, despite stability in the buy-to-let market.

The average number of mortgages introduced per office in Q3 2019 was 21.9, down 3% from 22.5 in the second quarter and the lowest figures since Q2 2017. The average number of mortgages introduced per adviser also fell, down from 7.9 to 7.4.

Despite this slowdown, the buy-to-let market has remained relatively stable since a notable decline in 2016, and comprised 17% of mortgages introduced in the quarter, up 2% from 15% in Q2 2019.

John Heron, director of mortgages at Paragon, said: “After a number of years of instability and negative sentiment in the buy-to-let market, it’s encouraging to see mortgage intermediaries forecasting increased buy-to-let business over the next 12 months. However, the market overall has been constrained by the current Brexit uncertainty and it remains difficult to see exactly when this will end.”

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