Buy-to-let remortgaging up 26% on last quarter

Buy-to-let remortgaging up 26% on last quarter
The first quarter of 2013 saw a new high in remortgaging activity, with more landlords trying to raise enough capital to expand their portfolios and take advantage of high gross yields, according to research by Mortgages for Business.
Remortgaging accounted for 69% of all residential buy to let transactions in Q1 – up from just 43% in the last quarter of 2012 – and was the highest on record for a single quarter since the start of the broker’s Complex Buy to Let Index in Q1 2011. Refinancing also accounted for over two-thirds of transactions on Houses in Multiple Occupation (HMO) and Multi-unit Freehold Blocks.
High gross yields are encouraging more landlords to refinance. Average gross yields have increased over the past year on all property types other than HMO, which has encouraged more landlords to refinance to free up enough capital to make further purchases