Brokers report positive Q1

Intermediaries have reported on a successful first quarter of the year, with increases in landlord demand and buy-to-let business levels, according to Paragon Mortgages.

During the first quarter of the year 21% of intermediaries’ total mortgage business was buy-to-let, coming only marginally behind next-time buyers (23%) and remortgages (41%).

The Paragon Mortgages’ quarterly FACT Survey asks intermediaries for their views on the current condition of the buy-to-let and wider mortgage market. Of those that took part in the Q1 survey, 35% said they would describe landlord demand as strong and 46% described it as stable.

The number of first-time landlords applying for a buy-to-let mortgage continued to increase in Q1, following an on-going trend seen throughout 2011.

John Heron , director of Paragon Mortgages, said: “It is positive to see that intermediaries are reporting on a successful start to 2012