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Sesame and PMS launch landlord service amid PRA rule challenges

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  • 08/11/2017
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Sesame and PMS launch landlord service amid PRA rule challenges
Sesame Network and PMS Mortgage Club have launched a specialist referral service for advisers with portfolio landlord enquiries, as lenders implement the new Prudential Regulation Authority (PRA) rules.

 

The service will allow members to refer clients to 3mc and Mortgages for Business, specialist partners that can outline how different lenders underwrite applications for professional buy-to-let investors.

The support comes as lenders react differently to the PRA rules, creating fresh challenges for brokers.

Jane Benjamin (pictured), head of relationship management at Sesame and PMS, said: “It has become clear that lenders are interpreting the new PRA rules regarding portfolio landlords in different ways, which is creating real challenges for mortgage advisers.

“In an increasingly complex area of the market, our latest initiative provides a solution for those advisers who would prefer to refer their buy-to-let portfolio business.

“It is part of our commitment to continually enhance our adviser support in order to help our members deliver the right outcomes for their customers.”

 

Remove broker burden

David Whittaker, chief executive of Mortgages for Business, said: “This new service will remove a burden from the shoulders of brokers who only occasionally deal with portfolio landlords, while still enabling them to generate a worthwhile income stream and retain ownership of their client relationship.”

Doug Hall, director of 3mc, added: “Dealing with portfolio landlords may only be a small part of many brokers’ business activities and this referral service means they don’t need to worry about remaining up to date with subtle differences between lenders’ buy-to-let products and procedures.”

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