New search criterion identifies BTL rates for portfolio landlords
Mortgages for Business has released an update to its online buy-to-let mortgage calculator and rate finder. The tool now allows users to search and compare products that are available to portfolio landlords.
At the end of September 2017 new guidelines were issued by the Prudential Regulation Authority requiring lenders to adopt a specialist approach when underwriting applications from portfolio landlords, i.e. those with four or more distinct mortgaged buy-to-let properties. As a result, around half a dozen lenders chose not to enter this newly defined sector of the buy-to-let lending market.
Commenting on the upgrade, Jeni Browne, sales director at Mortgages for Business said:
“Our BTL calculator is used several thousand times a week which shows that investors like to do their own research before consulting a broker. We feel it’s imperative that portfolio landlords can identify the rates that are available to them – currently around two-thirds of all buy-to-let products.
In addition to standard search criteria, the buy-to-let mortgage calculator and rate finder can be used to identify products for more complex borrowing scenarios including HMO properties and products for landlords using limited companies as the borrowing vehicle.
The buy-to-let mortgage calculator and rate finder can be found on the home page of the Mortgages for Business website.