The move has been made to meet increased demand for buy-to-let products and the growing number of applications that offer a rental property as security. Almost a quarter of business written by the The Finance Planning Group in Q4 2012 was buy-to-let mortgages.
Brokers with access to The Lending Wizard’s ‘soft quotation’ tool will now be able to source buy-to-let loan products at up to 70% LTV. The platform allows intermediaries to get accurate quotations and products for their clients quickly and without leaving a negative footprint on their credit scores.
Gareth Broome, business development manager at The Lending Wizard comments:
“With the demand for buy-to-let mortgages continuing to grow, it was a logical step for us to start offering the appropriate loan products via our portal. We expect our new offering to fill a gap in the market for brokers who want to raise additional finance for their customers without having to re-mortgage.”
Maeve Ward, head of sales, secured lending at Shawbrook Bank also comments:
“We’re really pleased to be offering the lowest buy-to-let rate on The Lending Wizard’s panel, at 9.95%. With market-leading commission and rental income calculation from 110% - compared to the typical 125% coverage for mortgages - brokers with access to The Lending Wizard can now give their customers some of the best buy-to-let financing products on offer.”
