This follows the lender’s decision to lower rates across its range earlier this month, resulting in two-year fixed rates from 3.34% and five-year fixes from 4.94%.
ModaMortgages also offers free valuations across its BTL range, including houses in multiple occupation (HMOs) and multi-unit freehold block (MUFB) properties, available to individual and limited company landlords.
Becki Fraser-Tucker, head of sales at Chetwood Bank for ModaMortgages, said: “We’re always pushing to make our buy-to-let range work harder for brokers, and scrapping the application fee is a big move. We already knew the range stacked up, but this takes it to another level.
“With no application fee and free valuations, it means there’s nothing to pay upfront on our limited-edition products. Add in those recent rate reductions, and you’ve got a proposition that’s seriously hard to ignore.”
She added: “There’s never been a better time to place a case with us. So if you haven’t tried ModaMortgages yet, now’s the perfect moment to see what smarter, faster, simpler buy to let really looks like.”
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Darlington BS simplifies BTL packaging requirements
Darlington Building Society has removed some aspects of its BTL packaging process to streamline applications.
Following feedback from advisers, the mutual has reduced the amount of supporting documentation needed on a range of cases.
Employed applicants will now only need to provide their latest payslip, instead of the previous requirement of two months’ payslips.
For BTL applications, where the required interest coverage ratio (ICR) is met, income evidence will no longer be required as standard.
These changes apply to the mutual’s BTL offering, including expat BTL cases involving self-employed applicants, which previously required account verification.
Underwriters will retain discretion to request additional evidence where appropriate, including cases involving top-slicing or more complex circumstances.
Its two- and five-year fixed rates within the range now start from 5.89% with a £999 fee at 90% loan to value (LTV). The fee can be added to the loan.
Chris Blewitt, head of mortgage distribution at Darlington Building Society, said: “One of the most useful things brokers can tell us is where a process feels more complicated than it needs to be.
“When we receive consistent feedback, we take it seriously. These changes are a direct result of conversations we’ve had with brokers who felt there was an opportunity to remove some unnecessary friction from the application process.”
Blewitt added: “For many buy-to-let cases, particularly where the rental income already supports the lending through our ICR requirements, requesting additional income evidence was creating work without necessarily adding value to the assessment.
“By removing that requirement, we’re helping brokers submit cases more quickly, reducing packaging requirements for clients and allowing our underwriters to focus their attention where it matters most.
“At a time when brokers are looking for lenders that are easy to deal with, sometimes the most valuable improvements are the practical changes that make placing business simpler. This is very much a case of brokers telling us what would help, and us acting on that feedback.”
