"Brokers and packagers have reacted very positively to the launch of our new portfolio landlords process"
UTB Mortgages for Intermediaries has enhanced its buy-to-let mortgage application journey with the launch of a new digital process.
The specialist lender’s buy-to-let portal now includes a section specifically for landlords’ existing buy-to-let portfolios which is matched with the mortgage data gained from UTB’s credit reference agency (CRA).
PRA regulations demand that lenders assess a portfolio landlord’s whole rental business when considering new mortgage proposals, rather than simply underwriting the property to be mortgaged.
Lenders generally need the same information for each of the applicant’s rental properties including property value, mortgage balance, mortgage payment, and rental income and frequently this information is provided in the form of a spreadsheet. Often the data can be out of date or difficult to match to the mortgages/secured loans on the credit search, particularly as the CRAs don’t hold records on all mortgages from all lenders. A manual underwriting process then commences with lots of back and forth between the lender, broker and borrower to resolve queries which takes time, can lead to delays and subsequent frustrations.
UTB’s new digital system pre-populates a page in the UTB portal with the credit search data from the DiP leaving the broker just to update the necessary figures plus any buy-to-let mortgages not picked up on the credit search. All the portfolio information required to underwrite is collected on this page removing the need for further related queries and questions from the underwriter, especially for applicants with large portfolios.
Buster Tolfree, director of mortgages at United Trust Bank, commented: “Brokers and packagers have reacted very positively to the launch of our new portfolio landlords process and is another great example of the benefits our continued investment in technology can deliver. We believe we’re the only lender to currently offer this innovative process and now we’re seeing how much time and hassle it is saving our brokers and underwriters, I’m sure other lenders will quickly follow suit.
“We are aiming for 2023 to be the year UTB becomes a meaningful BTL player with the substantial development of our BTL business part of a wider strategy for the growth of UTB Mortgages for Intermediaries.”
