While competitive rates remain the most important factor landlords seek from lenders, the survey identified growing emphasis on certainty, consistency and communication. Two-thirds (66.2%) cited competitive rates as their primary consideration, but 44.4% also highlighted certainty once a mortgage offer had been issued, 36.1% said stability of pricing during the application process was important, and 34.6% pointed to consistent product availability.
Nearly 40% of landlords reported no issues with their most recent application. However, 27.8% said they had needed to move quickly to secure products, 19.5% experienced delays caused by changing market conditions, and 18.8% had to switch products mid-application.
“The purpose of this section of our survey was to understand how landlords have been coping with the volatility and uncertainty we saw during March and April, and whether this had materially shifted confidence, activity or borrowing behaviour,” said Rob Stanton (pictured right), sales and distribution director at Landbay. “What comes through very clearly is landlords remain active and engaged with the market, but they are placing much greater value on certainty, consistency and communication from lenders and advisers.
“While rates remain incredibly important, landlords also want confidence that products will remain available, that cases will progress smoothly and they can rely on lenders to support them through periods of market volatility.
“It is also very telling that almost half of respondents have either completed or are currently progressing a mortgage despite the recent instability. Activity is still very much there, and advisers continue to play an incredibly important role in helping landlord borrowers navigate changing market conditions.