From 30 September the way in which lenders assess applications from larger landlords will change, with lenders required to use additional affordability tests on landlords with a portfolio containing four or more mortgaged properties.
OneSavings Bank says the new system, which has been modelled on eTech’s Buy to Let Hub with input from Mortgages for Business, will allow brokers to upload portfolio property details directly onto the platform. It will then automate criteria variables, sending a summary report automatically to the underwriters, allowing the lender to assess individual applications quickly.
Adrian Moloney, sales director at OneSavings Bank, said: “As a specialist lender, this sort of bespoke underwriting is in our DNA, so it will be business as usual for us come October. Nevertheless, brokers are our business, and we know they are soon going to be hit with a greater administrative burden, so we want to do all we can to make the transition as smooth as possible.
“I’d like to thank Steve Olejnik and the broker team at Mortgages for Business, as well as the team at eTech for their expertise and insight in enabling us to provide a solution that delivers the functionality that brokers will find most useful. They’ll be able to upload, monitor and manage the portfolio element of their applications in one intuitive dashboard, with a robust back-end that empowers us as a lender to make quick and accurate decisions.
“In just a couple of months, the buy-to-let market will take yet another step toward greater specialisation, and I hope this tech-driven solution will quickly become the gold standard for brokers coming to terms with the new rules.”