UTB Mortgages for Intermediaries (UTB) has launched a new process for portfolio landlords to save brokers and underwriters time and hassle.
The specialist lender’s BTL portal now includes a section specifically for landlords’ existing BTL portfolios, which is matched with the mortgage data gained from UTB’s credit reference agency (CRA).
As PRA regulations demand lenders assess a portfolio landlord’s whole rental business when considering new mortgage proposals, lenders typically need the same information for each of the applicant’s rental properties — including the value, mortgage balance and payment, and rental income.
The bank claimed that the data can often be out of date or difficult to match to the mortgages or secured loans on the credit search, particularly as the CRAs don’t hold records on all mortgages from every lender.
This leads to manual underwriting which takes time and can lead to delays.
UTB’s new digital system pre-populates a page in its portal with the credit search data from the DIP, which means the broker only needs to update the necessary figures, plus any BTL mortgages not picked up on the credit search.
“Brokers and packagers have reacted very positively to the launch of our new portfolio landlords process and is another great example of the benefits our continued investment in technology can deliver,” said Buster Tolfree, director of mortgages at UTB (pictured above).
“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.”
The bank recently completed a mortgage case for an experienced BTL packager whose client had a portfolio of 13 mortgaged rental properties.
They used UTB’s new portfolio landlord system to supply the information required, describing it as “a real step forward” in terms of simplifying and accelerating BTL applications for borrowers with larger portfolios.
Buster added: “We are aiming for 2023 to be the year UTB becomes a meaningful BTL player, with the substantial development of our BTL business part of a wider strategy for the growth of UTB Mortgages for Intermediaries.”
