In a video panel debate, Duncombe said: “The amount of times we’ve opened brokers’ eyes to the fact we have no minimum income on buy to let (BTL) or that we lend in the new build space. The new system has reduced our speed to offer by three days on average.”
Mortgage lender Accord brought all residential and buy-to-let mortgage processing onto one system and has dual mandated its underwriters, so in busier times the lender can flex resource and draw underwriters across from either specialism to retain lower turnaround times.
In the debate on service, Greg Cunnington, chief operating officer at LDNFinance, said trust in a lender is the biggest factor for brokers particularly when you’ll always need to talk small elements of the case through.
“Particularly in the specialist market, some lenders offer a three-to-four week service working level agreement. In this market with our client base, particularly on purchase, that doesn’t really work,” said Cunnington.
Liz Syms, owner of Connect Mortgages and network Connect for Intermediaries, said Accord’s system changes had been appreciated as had its single email to brokers on every case with a full update of all the underwriting requirements. She said this is in direct comparison with other lenders who often take a more ‘drip-feed’ approach to information requests.
“You have to remember, there’s a customer at the end of all this,” she said.
“The broker may often have forgotten something and so will need to go back and ask for more, so it’s great when the lender provides this list,” she added.
Watch the full debate (above) on service in the buy-to-let market on the video. [05.00]
See the other videos in the series
Part one: Our panellists brainstorm the buy-to-let product gaps
Part two: On the green EPC deadline and the refinancing opportunities
Part three: On the biggest opportunities for brokers in 2022
This video has been sponsored by Accord Mortgages. For intermediary use only.
