Affordability searches in the buy-to-let (BTL) space have risen by 22% in the last month, research from Mortgage Broker Tools (MBT) has indicated.
This comes as the average loan size offered by lenders has fallen.
Data from the broker research platform showed that while BTL affordability search dropped by 22% between September and October, the average loan size offered by BTL lenders decreased by 24% in the period between July and October.
MBT CEO, Tanya Toumadj, said that affordability is a “growing issue” for BTL borrowers, for both new purchase and remortgage purposes, as rising rates have driven a 24% decline in the average loan size available to property investors.
“However, demand from landlords hasn’t disappeared and our data shows that, just as loan sizes have been falling, affordability searches have been increasing,” commented Toumadj.
“There is huge appetite amongst BTL investors for mortgage finance but finding the right deal has become much harder amidst the turbulent lending environment. This puts much greater emphasis on brokers having access to a research platform that can help them to quickly and easily identify the lenders that best suit the needs of their clients.
“MBT Affordability is the most comprehensive platform in the market, providing brokers with accurate calculations of how much their clients can borrow from a panel of more than 40 Residential and nearly 70 BTL lenders, based on affordability and criteria. Results from all lenders are delivered in under a minute, with no approximations or estimates.”
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