Remortgaging at 5yr low

Latest figures from specialist lender Paragon Mortgages indicate that the proportion of remortgages handled by buy-to-let mortgage brokers is at its lowest level in 5 years.

Paragon's confidence tracking quarterly index showed the proportion of buy-to-let business sold through intermediaries fell to 13 per cent of total mortgage business, down from 14 per cent in the previous quarter.

According to the index, remortgaging accounted for 28 per cent of buy-to-let business during the first quarter of 2010. This was down from 30 per cent in the final quarter of 2009 and is the fifth consecutive quarterly fall.

John Heron, managing director at Paragon Mortgages, said: "There is little incentive for landlords to move from their existing lender, and even if they wanted to there is a serious lack of buy-to-let mortgage products available."

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