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Brokers see surge in enquiries
March 14, 2017Article by Chelsea Battle
Mortgage intermediaries experienced a 26 per cent surge in enquiries during the fourth quarter of 2016 as business from buy-to-let landlords almost doubled.
The average number of enquiries rose to 58 per intermediary in Q4, up from 46 in the previous quarter, according to the Intermediary Mortgage Lender’s Association’s (IMLA) Mortgage Market Tracker.
Demand continues to be underpinned by record low interest rates, and the overall Q4 figures represent the largest average number of enquires logged by the tracker, surpassing the previous high of 49 recorded in Q1 2016.
Buy-to-let enquiries soared by 47 per cent, from an average of 43 to 63 per intermediary, as changes to underwriting standards and upcoming alterations to mortgage tax relief spurred landlords to seek advice.