Landlords 'might turn to professions for mortgage advice'

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Landlords will increasingly turn to independent financial advisers (IFAs) as mortgages become harder to come by, an industry expert has said.

IFA Promotions chief executive David Elms explained that many people already consulted advisers when considering investment such as buy-to-let property.

He also asserted that tighter lending conditions would encourage a greater number of landlords to consult IFAs when thinking about getting a new mortgage.

"If my experience of what happens when there's volatility on the investment side is anything to go by, advice is valued more," Mr Elms explained.

"Could we describe the current mortgage market as volatile? Yes, I think we could.

"Therefore, if we are to learn anything from what happens on the investment side, it would seem reasonable to assume that mortgage advice is going to be valued more in current conditions."

Recently, Paragon reported that the buy-to-let sector was becoming increasingly dominated by experienced landlords who were seeking long-term returns.

The organisation suggested that the uncertain economic situation and tight lending conditions were putting off first-time investors.

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