New research* from the specialist lender Precise Mortgages shows product innovation and more consistency on criteria are at the top of Buy to Let brokers’ wish-lists for helping to address the remortgage challenges facing landlords.
Its study found 50% of Buy to Let brokers want to see more innovative product approaches from lenders while 43% say increased consistency is needed on the criteria offered by lenders and the industry as a whole when assessing remortgage applications.
Other key changes brokers want to see from lenders, to help remortgage customers, include the launch of online rental cover calculators which was chosen by 41% of brokers. Enhanced service standards would also help address remortgage challenges according to 26% of brokers surveyed.
51% of brokers believe the introduction of stricter rental cover requirements is the biggest issue facing remortgage customers. On the subject of rental cover requirements, lack of clarity from lenders was chosen by 31% of brokers, while 29% pointed to a lack of consistency from lenders.
Precise Mortgages has introduced a number of product innovations to help landlords underserved by high street lenders. As well as a top slicing option, which enables landlords to use their earned income to top up any rental shortfall, the lender offers bespoke ICRs which reflect a customer’s tax position more accurately, helping them achieve the loan size they want. It also offers an online calculator and a submission guide to help provide a smooth application process and improve turnaround times.
Alan Cleary, Managing Director of Precise Mortgages, said: “Buy to Let brokers and their customers face a number of possible issues when remortgaging following the regulatory and tax changes in the market.
“Specialist lenders need to respond to their concerns with solutions for borrowers that the High Street will no longer service.”
*Research conducted by Pure Profile among 104 mortgage brokers specialising in buy-to-let conducted between February 13th and 21st 2018
Charter Court Financial Services (Charter Court) has been ranked as one of the top 10 employers for the third year in a row in the prestigious Sunday Times 100 Best Companies to Work For list.
The Wolverhampton-based financial services company achieved sixth place in the top 100 Best Companies To Work For 2018 list which celebrates and showcases the very best in workplace engagement.
Charter Court, which has grown since launch in 2008 to employ more than 500 people at its Wolverhampton headquarters, maintained its high place in the list while remaining one of the fastest-growing specialist mortgage banks in the UK meeting customer demand for specialist mortgages, attractive savings products, exceptional value and great service.
The Sunday Times survey is the longest-running and most respected survey in the UK voted for by staff focusing on employee engagement.
Scores and ratings across a wide range of factors including leadership and fairness are based on the views of employees, and each year the questionnaires are revised and updated to reflect current concerns across UK workplaces to provide a detailed picture of what it is like to work at a particular company.
Ian Lonergan, CEO of Charter Court Financial Services plc, said: “We’re very proud to be in the top 10 of the Sunday Times 100 Best Companies to Work For survey for the third year running.
“The fact that the rankings are based on the views of the staff here underlines what an achievement this is and demonstrates the success of our focus on developing a positive workplace culture and team spirit.”
Precise Mortgages, the specialist lender, has today launched new Buy to Let and Residential Mortgage submission guides to make it easier for brokers to place their cases.
The aim of the guides is to simplify and speed up the application process by identifying what documentation is required for each case and reducing the number of times the lender needs to contact brokers while a case is being processed.
The guides were created following broker feedback, and are designed to be printed and used for easy reference when submitting an application.
To view the Buy to Let Mortgage submission guide, click here.
To view the Residential Mortgage submission guide, click here.