Criteria consistency tops buy-to-let brokers’ wishlist – Precise

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  • 19/04/2018
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Criteria consistency tops buy-to-let brokers’ wishlist – Precise
Stricter rental cover requirements and consistency of criteria are two of the biggest concerns for buy-to-let brokers for their remortgaging clients.

According to research from Precise Mortgages, 51% of brokers believe the introduction of stricter rental cover requirements is the biggest issue facing their customers.

The respondents also highlighted a lack of clarity from buy-to-let (BTL) lenders (31%) with a similar number (29%) pointing out a lack of consistency from lenders.

These issues chime with those raised by brokers to Specialist Lending Solutions earlier this year.

They noted that BTL lenders were becoming increasingly flexible in accepting borderline portfolio landlord cases, however it was not always clear why.

 

Consistent criteria

Indeed, the survey of 104 BTL brokers by Precise found 43% calling for increased consistency on the criteria offered by lenders and the industry as a whole when assessing remortgage applications.

And half the brokers wanted to see more innovative product approaches.

Other key changes brokers wanted to see included the launch of online rental cover calculators (41%) and enhanced service standards (26%).

Precise Mortgages managing director Alan Cleary said: “Buy-to-let brokers and their customers face a number of possible issues when remortgaging following the regulatory and tax changes in the market.

“Specialist lenders need to respond to their concerns with solutions for borrowers that the high street will no longer service.”

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