Named Bluesky, the sourcing system was initially developed for internal use and allows for search by criteria with information listed for each product.
The system is maintained in-house and allows the option to produce Key Facts Illustrations and to save search options for future reference.
Nick Blunt, head of business partner development at Mortgages For Business, admitted that a sourcing system was only as good as the data it contained, so it was important that it was kept up-to-date.
Blunt admitted that Bluesky had not yet been developed to make mortgage applications directly and that it currently acted as a sourcing tool alone. However, he claimed that 90-95 per cent of currently available BTL mortgage products were present on the system.
He explained: “This is quite a straightforward tool but not really exhaustive at the moment. Bluesky allows you to source what you need as we found a lot of mortgage intermediaries were working in a paper-based environment which was very labour intensive and there was a need to source BTL products. The role of the packager is now even more important than ever.”
Lee Grandin, managing director of Landlord Mortgages, commented: “This is not something that we would use as it is a competitor to what we are doing. The question is whether mortgage intermediaries active in the BTL investment market would use it.”
