You are here: Home - News -

Property Master extends product range and fundraises for expansion

  • 16/01/2018
  • 0
Property Master extends product range and fundraises for expansion
Digital buy-to-let (BTL) start up Property Master has announced plans to expand its product range beyond algorithmic matching, as it begins a new funding round.

Property Master is to add services such as conveyancing and insurance to its offering.

Launched in May 2017, the firm uses algorithms to match the requirements of individual landlords against more than 2,000 products in the BTL mortgage market.

It does this by keeping a live database of mortgage product information and lending criteria, which is supplied by Market Monitoring, a company that keeps a running mortgage database.

Property Master says that more than 10,000 landlords have used the service so far, with a typical remortgage saving of around £1,800.

“Our vision is to become the destination site for private landlords looking for the products and services needed to support their business,” said Angus Stewart, chief executive of Property Master.

Stewart says that Property Master is working with a third-party firm for the conveyancing function, which is expected to be launched within two to three months.

The startup is also looking a number of different options to provide landlords with a building insurance service.

“We’ll work with third parties to facilitate the delivery of those products and integrate them as much as we can into the Property Master system,” said Stewart.

He continued: “We started with mortgages, but we want to keep adding other functionalities down the line.

“With an estimated two million private landlords in the UK, this is an attractive market to be in.”

The move to expand services and launch a new funding round comes as recent figures from UK Finance show remortgaging to be at record levels.

“Now that we’re in an environment of rising interest rates – the first time we have seen that in more than a decade – we are finding private landlords becoming much more discerning about their funding costs,” said Stewart.

He continued: “We are on track to developing a comprehensive range of online landlord services enabling the convenience management of properties at lower cost, including sophisticated portfolio finance tools of interest to landlords with multiple properties.”

In October 2017, LSL Property Services bought a minority stake in the start up. Property Master will now commence a crowdfunding round through the Seedrs site.

“We are excited to be talking to new potential backers,” added Stewart.

There are 0 Comment(s)

You may also be interested in

Read previous post:
headshot Paul Wareham Countrywide
Surveying is moving with the digital times – Wareham

Anyone working in the home moving sector is likely to have felt the technological winds of change blowing through in...