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Two-third of landlords use brokers

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More than two-in-three landlords arranged their latest buy-to-let mortgage through a mortgage broker, a study has found.

According to the National Landlords Association, some 69% landlords arranged a buy-to-let mortgage using some form of intermediary or broker.

Just 13% of landlords arranged a mortgage directly with a lender in a high street branch while an additional 12% completed a deal over the phone.

One-in-twenty completed the buy-to-let deal with a lender online.

The trade body said that more than half (51%) of landlords said they used brokers because they had a better understanding of the market. Some 42% of people said they did so because they have a prior relationship with the broker.

Carolyn Uphill, chair of the NLA, said: “Brokers will be please to know that a large proportion of landlords chose to use them when arranging a buy-to-let mortgage and it shows that a good relationship goes a long way in business.

“These findings are interesting because, unlike most other products and services, completing transactions online is becoming more and more common.

“However, the variety of avenues to take when getting a BTL mortgage can be time-consuming and overwhelming and it’s difficult to know whether or not you have covered all bases, especially for those landlords that are new to the market.

“This is why many put their faith in a broker and it reinforces that they are happy with the service they get.”

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