Buy-to-let (BTL) landlords place the most value on expertise in tax and regulation when deciding on a broker, a survey from a lender found.
Butterfield Mortgages polled 501 landlords in the UK with a BTL mortgage and asked them for the top three qualities they look for in a broker.
Some 38% said expertise in regulation and tax when making a BTL purchase, while 36% valued brokers that had access to a wide range of flexible, bespoke or specialist solutions.
A further 34% said they sought brokers with access to products that were not available directly to borrowers.
Almost a third – 32% – of respondents said the quality of service was important, while 30% valued the speed and thoroughness of a broker’s communication.
For 29% of respondents, a broker’s experience working with clients of a similar demographic to themselves was key, while 28% chose brokers based on the range of lenders they worked with.
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Some 26% of BTL landlords said a broker’s knowledge of the local property market was important.
Alpa Bhakta, CEO of Butterfield Mortgages, said: “This research comes at a pivotal time, with Rachel Reeves’ Budget still fresh in people’s minds. Indeed, it is noteworthy that expertise in tax and regulation ranked higher than product range, highlighting the ongoing uncertainty among landlords about the potential impact of government policies on the BTL market. Evidently, brokers and lenders must focus on providing access to up-to-date, expert guidance to help landlords navigate these challenges effectively.
“Our research also reveals that, despite recent rate cuts, borrowers still rely on brokers to offer a diverse range of financial options that enable them to adapt confidently to the evolving BTL market. What’s more, landlords expect brokers to deliver a personal, tailored service that caters to their specific needs. The survey underscores the value landlords place on quality, human-centred service.”
She added: “Lenders must also consider these findings carefully – and they need to recognise their role in supporting both brokers and their clients as well. It’s crucial for the entire sector to collaborate, ensuring that BTL landlords can make better informed, confident decisions that foster long-term success.”
