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‘We just want something simple that works’ – Montlake on BTL technology
In the final part of Paragon’s debate series, Andrew Montlake, managing director at Coreco, said: “From a broker perspective, we just want something simple that works. We’re very down-to-earth, simple folk.”
He said the sheer variety of the formats of landlord spreadsheets is an important factor.
“When you get a spreadsheet from a landlord, it’s in so many different formats. One landlord’s format that makes complete sense to them will not make sense to another.”
He said: “To get that information easily from spreadsheet to lender system is where the complexities lie in the different fields. So, it’s about trying to find a system that works, where it can take that information, read it properly and input that into the system. Or find a system that the broker could develop to help them actively manage that portfolio rather than just a spreadsheet. There are people developing those things all the time.”
Montlake said: “I get a call almost every other day about another tech system, and it’s hard for us to know which one to use, which one do we back, which one are lenders going to accept, which one are compliance going to accept. It’s quite difficult.”
Victoria Hartley, contributing editor at Mortgage Solutions, said beyond networks and clubs approved or preferred systems, there’s also the ‘best’ system, so asked Montlake how he juggles these factors.
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“A lot of networks’ systems aren’t set up to deal with more complex, semi-commercial deals. There are some new systems coming out – One Mortgage System (OMS) has got that – so I think things will start to change as this level of business becomes more important to brokers as it is at the moment. We’re starting to see networks and clubs looking at ways to pull it all together.”
Paragon Banking Group platform launch
On Paragon’s new platform, expected to soft launch in Q3, Louisa Sedgwick, Paragon Banking Group’s commercial director, said broker and landlord feedback has been key to its development and ability to service complex deals.
Sedgwick said: “We think we’ve got it right. But the brilliant thing is, because we own it internally, it can be very agile, so if we haven’t got it right, we can make those changes and won’t have to wait in a queue to do so.”
She added: “And we’ll continuously talk to brokers, and if they don’t like it, we’ll change it, because we can adapt it to suit. It’s exciting because it is built for Paragon and its customers.”
Watch the first three debates in the series here on reasons to be positive about the landlord market, the rise of the limited company and opportunities for the buy-to-let (BTL) market in 2024.