This is an update from the previous process where the majority of buy-to-let mortgage applications were referred for manual underwriting. Following a successful trial, brokers will now be able to see whether an application has passed, failed or been referred immediately on the lender’s portal.
If the application has passed, this will trigger an automated underwriting process. The approval will be valid for 30 days and additional information will be provided. A ‘fail’ means the lender will not proceed with the application and a reason will be given.
If the status shows as ‘refer’, a further manual review by UTB will be required and the bank will get back to brokers within two hours.
Mike Walters (pictured), sales director for mortgages at UTB, said: “I am delighted that after rigorous testing the technology which enables us to increase our buy-to-let capacity is now up and running, providing brokers with buy-to-let cases access to the same quick and straightforward application journey which powers our residential mortgage offering.
“We have had an overwhelmingly positive response to our buy-to-let products and criteria which once again fulfills our mission to provide great value products to parts of the market not best served by mainstream lenders.”
Walters said it was necessary for the lender to control its volume during this rollout but the technological enhancement would allow it to open its doors wider to new landlord customers.
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