Digital buy-to-let mortgage start up to expand

Property Master, a digital mortgage brokerage service for UK buy-to-let landlords,is looking toexpandintoconveyancing and insurance within the next six months.

Property Master was launched in May and will begin fundraising after a growth period.

Angus Stewart, chief executive of Property Master, said: “Our vision is to become the destination site for private landlords looking for the products and services needed to support their business.

“With an estimated two million private landlords in the UK this is an attractive market to be in.

“It’s also a market ripe for the kind of disruption we have already seen new technology bring to other areas of the property market with online estate and lettings agencies as well as digital residential mortgage brokers.”

It has already attracted financial backing from investors including a minority stake taken up by LSL Property Services, whose brands include Your Move and Reeds Rains.

Stewart added: “Our first step is to continue to revolutionise the way private landlords look for mortgage finance which we do by matching individual landlords with the best deals available to them at that moment in time.

“Essentially, we have completely automated what was a manual, complex process so we can provide individual landlords with an easy to access and free mortgage advisory service with the added bonus at the end of it of actual pre-approved mortgage offers.

“Over 10,000 landlords have already tried us out and a typical remortgage saving is around £1,800.”

The expansion comes as UK Finance showsremortgaging is at record levels as borrowers seek to lock in low interest rates ahead of base rate moves.

Stewartsaid: “Our business is now moving into a new phase and we are on track to developing a uniquely comprehensive range of online landlord services enabling the convenient management of properties at lower cost, including sophisticated portfolio finance tools of interest to landlords with multiple properties."