- Stricter rental cover requirements are the biggest issue for remortgage customers
- Precise Mortgages is supporting customers and brokers with a range of solutions and tools, plus a Buy to Let Mortgage Submission Guide
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