Specialist buy to let lender Accord Mortgages says seven per cent of its business in 2017 came from first time landlords - and that’s despite the raft of regulation and tax changes that may have acted as a deterrent.
The influx of new landlords reached a peak in November where, for that one month, 11 per cent of the lender’s applications came from first timers.
Some 57 per cent of Accord’s buy to let applications received last year were from those affected by new regulation.
The largest influx of applications Accord saw was from portfolio landlords - 32 per cent - being those with four or more properties.
Another 18 per cent were from landlords classed as consumers - that is, single property landlords where they or their relatives have previously lived.
“2017 was a year of remortgaging for landlords who reaped the benefit of some exceptional mortgage rates, and 2018 is likely to be no different” says Chris Maggs, commercial manager at Accord.
“Last year Accord, like many other lenders, adapted its mortgage offerings to meet the changing needs of the market. Equally, as new regulation was implemented landlords have begun to adapt to ensure their business withstands the changes.
“This doesn’t negate the fact that things are still tough for landlords, and hopefully 2018 will give them some breathing space to take stock of the changes. However, landlords have demonstrated resilience when presented with challenges in the past, and I’m sure that will continue into 2018.”