Broker opportunities to satisfy 2024’s remortgage requirements

This is especially apparent amongst portfolio landlords who are benefitting from some longer-term equity gains to take advantage of a range of opportunities in a housing market which is favouring those cash rich buyers, those looking to divest or those in a position to access wider finance options.

Inevitably, the remortgage market will continue to play a key role in helping to generate these opportunities. The latest Q4 2023 BVA BDRC Landlord Panel research showed that, after a dip in Q3, the proportion of landlords planning to remortgage has increased to 31% (+4% vs Q2)

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Within this, portfolio landlords continue to be significantly more likely to remortgage in the next 12 months compared to their ‘consumer’ counterparts (47% vs 18%). When it comes to the term, as experienced in previous quarters, landlords reported a preference for a fixed rate. 26% of those planning to remortgage said they were likely to opt for a two-year fixed rate term, with 17% looking more towards a five-year term and 8% opting for a three-year fixed rate. A further 8% of respondents expressed a preference for a variable rate, with almost a third (31%) unsure and 10% saying that they would take advice from a broker. 

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Now this 10% seems exceptionally low given what we know about the ever-rising value of intermediary advice in an uncertain market. So, we’ll presume that many of those electing for two-, three- or five-year rates – along with the variable rate option – will have already consulted a broker. However, assumption can prove to be a dangerous thing. Meaning this data could also be used to highlight the potential on offer for advisers to better engage with their landlord clients past and present to help them to satisfy their ongoing remortgage requirements.

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FOR INTERMEDIARIES ONLY