Landlords should pay a little thought for the Buy-to-let middle men.
The 'mortgage brokers'.
These poor folk live off commission from new mortgage and re-mortgage deals.
As landlords know there are very few new mortgages been taken out, and for most landlords they are better sticking on the SVR's of the existing Buy-to-let mortgage than pay fees to swap btl mortgage product.
Where does that leave the 'piggies in the middle'?
Well stuffed, with sage and onion by the looks of it. Two more mortgage brokers have gone under , Chase de Vere Mortgage Management and Cobalt Finance.
They both blamed “appalling” conditions in the mortgage market for the decision to call in administrators.
As mortgage products have dwindled, and mortgage brokers go out of business the mortgage market will become un-recognisable to what it was.
It also means our BTL Mortgage Broker directory and BTL Mortgage Provider directory require a thorough clean out.
Read more in this Times article
Time for a bacon buttie, me thinks.
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