The system will look at purchase versus remortgage, whether the client is capital raising or not, and client tax status to deliver the most accurate buy-to-let products results possible.
Twenty7Tec, provider of online sourcing system MortgageSource, has today outlined its planned system enhancements in light of the PRA’s proposed changes to buy-to-let standards.
MortgageSouce is enhancing its use of the Lenders Interest Cover Ratio (ICR) to return products based upon the rental income provided.
The system will look at purchase versus remortgage, whether the client is capital raising or not, and client tax status to deliver the most accurate buy-to-let products results possible.
Phil Bailey, strategy director at Twenty7Tec said: “Tougher guidelines for affordability and stress testing is throwing yet more regulation towards the buy to let market and technology providers need to adapt quickly to support intermediaries”.
“Twenty7Tec believe technology is there to aid brokers not replace them and that is exactly what we’re doing with this enhancement.
“You can continue to use your knowledge and experience to recommend the right product from a more accurate results list.”
