It aims to accelerate underwriting for BTL portfolio landlords
UTB Mortgages for Intermediaries (UTB) has improved its buy-to-let mortgage application process with the launch of a new digital process.
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).
PRA regulations require lenders to assess a portfolio landlord’s whole rental business when considering new mortgage proposals rather than simply underwriting the property to be mortgaged.
UTB said that most of the time, the data can be out of date or difficult to match to the mortgages or secured loans on the credit search, particularly as the CRAs don’t hold records on all mortgages from all lenders.
UTB’s new digital system prepopulates a page in the UTB portal with the credit search data from the DiP leaving the broker just to update the necessary figures, plus any BTL mortgages not picked up on the credit search. All the portfolio information required to underwrite is collected on this page removing the need for further related queries and questions from the underwriter, especially for applicants with large portfolios.
“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,” Buster Tolfree (pictured), director of mortgages at United Trust Bank, commented.
“We believe we’re the only lender to currently offer this innovative process, and 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.”
United Trust Bank, named Specialist Lender of the Year in the 2022 Mortgage Introducer Awards, entered the buy-to-let market last year.
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