Searches for buy-to-let mortgages has dropped to merely 17.99 per cent versus 65.94 per cent for standard residential services. This is a significant drop from the recent highs of 24 per cent of all mortgage searches, according to research by Twenty7Tec.
The long-term average for buy-to-let searches currently stands at 19.78 per cent – this is according to figures from the mortgage technology provider.
Thinking about the mortgage market statistics for the week ending 30th May 2020, James Tucker, CEO of Twenty7Tec, said: “There are some broader macroeconomic challenges ahead – including the changing terms of the mortgage holiday and furlough and how these will affect employment rates, and household incomes and finances and the supply and demand in the housing market.
“As we navigate through the coming weeks, we will continue to issue weekly figures to make sure that buyers, intermediaries and lenders are all best placed to make the right decisions.”
Mortgage Lender slashes fees on large buy-to-let loans
At the same time, buy-to-let loans above £500,000 are now offered by The Mortgage Lender with a reduced completion fee of 0.5 per cent, and from 0.75 per cent for loans above £750,000. The reduction is available for individual, limited company and HMO/MUB applications up to 75 per cent loan-to-value (LTV)
The Mortgage Lender sales director Steve Griffiths commented: “Reducing the completion fee on landlord loans over £500,000 provides brokers and their clients with better value in an important area of the market which has seen a reduction in lenders and products during the recent crisis.
“The reintroduction of physical valuations in England last month was the beginning of a return to normal and that trend will accelerate as brokers deal with pent up demand for refinancing options.
“Larger loans can present more complex scenarios so our business development team are on hand – virtually – to help brokers with any cases they want to discuss.”
For the latest developments during and after lockdown, get in touch with Joules Estate Agents today.