"Brokers are clearly nervous about potential issues with buy-to-let remortgage cases with the Stamp Duty anniversary deadline looming. "
Its research found one in four buy-to-let brokers expect to face major problems placing remortgage deals for customers this year, while more than half (55%) expect they will face some issues.
Ahead of the stamp duty changes, a record £4.3 billion of lending was completed in March 2016 with 28,700 buy-to-let mortgages being advanced, with customers who bought with two-year fixed rates now potentially wanting to remortgage.
However Precise says other changes in the market, including the phasing out of higher rate tax relief and the PRA’s portfolio lending rules, have added to the pressure.
Alan Cleary, Managing Director of Precise Mortgages, said: “Brokers are clearly nervous about potential issues with buy-to-let remortgage cases with the Stamp Duty anniversary deadline looming. We see ourselves as a lender with solutions to many of the problems brokers and landlords may face.
“Many customers may be struggling to get the loan they need on the high street with lenders less willing to accept applications despite having been keen to do so ahead of the increase in Stamp Duty. There is a real need for specialist lenders to cater for borrowers that the high street will no longer service."
