Brokers "invaluable" to buy to let landlords

30 July 2010

Written by Michael Aglony

Mortgage brokers are "invaluable" to buy to let landlords, one commentator has said, adding that choosing the right product could save people thousands of pounds.

Writing for lovemoney.com, Christina Jordan noted that 60 per cent of all home loans are arranged via intermediaries and some individuals need advice more than others.

The buy to let mortgage market has seen the biggest contraction in the industry, with a drop in available deals of around 90 per cent, she reported.

Additionally, some of the largest lenders to landlords will only deal with intermediaries - including The Mortgage Works and BM Solutions, which means that those not using a broker could miss out on products.

Furthermore, many providers simply ceased to operate within the buy to let industry, which means private rented professionals have "a very limited choice" when it comes to home loans, the expert said.

"The smart landlords go through a broker," Ms Jordan stated.

The Association of Mortgage Intermediaries recently argued that banks should be encouraged to increase mortgage lending, saying a "practical solution" was needed to allow sustainability in the home loan market.

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