The Role of Specialist Finance in the 2022 re-mortgage Boom

2022 presents an unmissable opportunity for brokers, as a significant number of existing Residential and Buy-to-let clients reach the end of their current mortgage deal in the next few months. CACI Data has estimated there is a loan value of £119.57bn up for re-mortgage between January and June this year.

In 2017 new underwriting standards were introduced by the Prudential Regulation Authority (PRA) drawing a greater attraction to 5-year fixed-rate lending in the BTL market.  As a result, there was a significant increase in the number of mortgages taken out over that term. As these 5-year fixed term mortgages begin to come to an end brokers have an opportunity to support their clients and generate additional business.

Fears of further base rate rises from the Bank of England could also drive borrowers to re-mortgage, as they rush to lock in currently available low rates. In November 2021, the approvals for re-mortgages, with new lenders alone, rose to 44,500, the highest number since before the pandemic according to Bank of England data.

To maximise the opportunity the re-mortgage market presents, brokers are going to increasingly need to look to specialist lenders for solutions that will meet the complex needs of their buy-to-let clients.

At West One, we lend on a wide variety of property types to a broad range of borrowers, whether borrowing in individual names or through a limited company. Our expert team are committed to delivering cases with speed and flexibility.

To find out more about our products and service please talk to a member of our broker support team on 0333 1234 556 or email btlbrokersupport@westoneloans.co.uk.