Alan Cleary

Brokers call for BTL innovation and consistency from lenders

Half of buy-to-let brokers (50%) want to see more innovative product approaches from lenders, according to a new study.

Research from specialist lender Precise Mortgages has also revealed that 43% of brokers wanted more consistency on the criteria offered by lenders and the industry as a whole when assessing remortgage applications.

Other key changes that brokers wanted to see from lenders included the launch of online rental cover calculators, which was cited by 41% of respondents.

More than a quarter of brokers (26%) said that enhanced service standards would also help to address remortgage challenges.

Meanwhile, 51% believed that the introduction of stricter rental cover requirements was the biggest issue facing remortgage customers.

With regards to rental cover requirements, the lack of clarity from lenders was cited by 31%, while 29% pointed to a lack of consistency from lenders.

Precise said that it had introduced a number of product innovations to help landlords underserved by high street lenders.

It also offers a top slicing option, which allows landlords to use their earned income to top up any rental shortfall.

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

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

Precise also has an online calculator and a submission guide to help provide a smooth application process and improve turnaround times.

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