Paragon Bank has recorded a spike in buy-to-let mortgage intermediaries visiting its online Intermediary Portal in the wake of the housing market reopening in mid-May.
Visits to the Intermediary Portal, launched in September last year, jumped 65% in the two weeks following May 13, compared to the previous two weeks, signalling a strong increase in demand for buy-to-let properties.
Successfully completed applications via the portal rose by 75% over the same period as physical property visits and valuations were allowed once again. Paragon’s in-house team of surveyors resumed physical property inspections shortly after the Government lifted housing market restrictions.
Moray Hulme, Mortgage Sales Director said:
“The data suggests that there was plenty of pent up demand in the market caused by the lockdown and that landlords can see new opportunities to buy. Demand for private rented property remains strong and we expect it to strengthen further as potential homebuyers wait to see how the next few months pan out and rent instead.
We have been pleased with the engagement with our Intermediary Portal since launching it last year. We intend to build on this use of technology, so we come through the other side stronger and with even more ways to support our staff, customers and partners.”
Paragon’s Intermediary Portal has helped brokers to effectively respond to the surge in demand seen since the property market re-opened. A range of functions provides them with the ability to track the progress of applications, helping them to quickly pick up where they left off with any that were put on hold when the market was locked down in March.