UTB revamp to speed up portfolio landlord process

The portal now has a section specifically for landlords’ existing portfolios, which is then matched with data gained through UTB’s credit reference agency.

The lender noted that information about an applicant’s rental properties, such as the value, mortgage balance and payment, is typically provided in the form of a spreadsheet, but this can be out of date or difficult to match with mortgages and secured loans that appear through a credit search. This is then followed by a manual underwriting process which can be lengthy.

UTB argued that its new system will cut that time, as the portal page is pre-populated with data from the credit search, leaving the broker to simply update the necessary figures and include any further mortgages not picked up through the credit search.

The lender noted that the system had been tested recently with a case for a client who had a portfolio of 13 mortgages rental properties, with the packager handling the case suggesting that the upgraded system was “a real step forward in terms of simplifying and accelerating” applications for those with larger portfolios.

UTB: ‘Saving time and hassle for brokers and underwriters’

Buster Tolfree (pictured), director of mortgages at United Trust Bank, said that the system was a demonstration of how continued investment in technology can deliver real benefits to brokers and landlords. 

He continued: “We believe we’re the only lender to currently offer this innovative process and now we’re seeing how much time and hassle it is saving our brokers and underwriters, I’m sure other lenders will quickly follow suit.

“We are aiming for 2023 to be the year UTB becomes a meaningful buy-to-let player with the substantial development of our buy-to-let business as part of a wider strategy for the growth of UTB Mortgages for Intermediaries.”