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‘It’s our duty to ensure buy-to-let clients are constantly aware of market changes’ – Marketwatch

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  • 02/10/2019
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‘It’s our duty to ensure buy-to-let clients are constantly aware of market changes’ – Marketwatch
It is an adviser’s duty to inform their client of all the options and consequences when it comes to choosing a mortgage product and as many will know, the advice period does not end with the application process.

 

This is increasingly important in the buy-to-let (BTL) market where advisers need to keep in constant contact with landlord clients to inform them of criteria changes, new products and lender updates. 

So this week Mortgage Solutions is asking its panel: In what ways do you update buy-to-let clients on market changes and how often do you do it? 

 

Andrew Turner chief executive at Commercial Trust Limited  

As a buy-to-let and commercial broker, the success of Commercial Trust is built upon the service we deliver. 

It is important to us that we add value to clients, by keeping them informed of changes, not just in the TL and commercial finance industry but in the private rental sector as a whole. 

Over time, this has become ever more prescient – of late, the rate of change has been phenomenal. 

Each week we share information, via email, from a wide range of sources: our own data; direct from other sources; and by reviewing national, regional and industry news. 

If a story breaks that is of particular importance, we will monitor the source live, if possible, and send out an ad-hoc announcement immediately. 

Where we can share insight, or give opinion on arising issues within our specialism, we will do so. When we discuss wider issues affecting UK landlords, that fall outside of our specialism, we will signpost sources of further information. 

Our clients range from the accidental or first-time landlord, to portfolio investors with hundreds of properties.

Whatever the case, the money invested is there to achieve financial security. It is our aim to help those we work with access information that will help. 

Both quantitative and qualitative data shows us that this resource is greatly valued. We frequently get very positive feedback from those we correspond with. 

 

Chris Sykes, mortgage consultant at Private Finance 

No portion of the mortgage market has been more affected by recent changes than the BTL sector.  

We as a firm therefore believe it to be our duty to ensure that our BTL clients are constantly aware of such changes and are making informed decisions based on such information.  

In addition to direct customer contact, we make great efforts to ensure that our blog and newsletter are always full of the kinds of clear, current, and comprehensive information that will most benefit our clients.  

Of all the client-types we work with, BTL owners are perhaps the most responsive to the information we provide them. Such individuals have made a conscious decision to invest in property, rather than simply putting a roof over their heads, and are therefore always keen to better understand the market.  

We work closely with an accounting firm who provide clients with appropriate tax advice.  

Additionally, we draw upon a number of statistical sources, including Land Registry, Bank of England, UK Finance, and Office of National Statistics to ensure we are always abreast of market developments. This allows us to provide our clients with the best, most up-to-date advice possible. 

To date, the response has been very positive. BTL owners want to know the factors that affect the value of their investments. 

 

Howard Reuben, principal at HD Consultants 

As a BTL broker, immersed in an everchanging marketplace, keeping in regular contact with our new and existing clients and discussing market changes, product and lender launches and criteria updates, is part of our ongoing client service proposition. 

Our range of contact systems includes sending out our branded newsletters and magazines, we have a blog site being developed, a prompt and diary reminder system to ensure our clients are kept aware of product changes, as well as a customer relationship management system assisting us to maintain regular contact. 

HD Consultants is also, and has been for many years, the preferred specialist BTL mortgage broker company on a number of the UK’s leading online BTL/landlord forums, which has between them a combined captive audience of circa 220,000 subscribed members and readers.  

We write articles, respond to readers’ questions and queries, and provide a team of brokers to answer the BTL borrowers’ questions on the ongoing market changes, from being a first-time landlord to the more experienced portfolio owner. 

The information we impart is not always what people want to hear, especially now due to the restrictive Prudential Regulation Authority rules, portfolio aggregate borrowing limits, document requirements and the minefield of stress tests; but the more informed they are upfront, the speedier and more efficient their applications will be. 

The landlord sector is very responsive to our experience, knowledge and regular updates because they realise they need to meet the numerous and continual changes and challenges they are faced with. 

 

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