The percentage of intermediaries who consider speed to offer to be the most important element (52%), is almost double the percentage who regard competitive rates as most crucial (28%). The ability to secure a binding decision at point-of-sale was considered most important by just over 17%, with only 3% regarding simplicity of criteria to be of overriding significance. Neither underwriter accessibility, or speed of procuration fee payment, were thought to be the most important factor by respondents.
When asked specifically about the processing of their buy-to-let cases, point of sale offer, automated valuation and full online application were equally rated as most desirable. Real-time online case tracking and electronic client verification were jointly deemed the next most desired, e-conveyencing, was the element least desired by buy-to-let intermediaries.
Nicola Severn, communications manager at Mortgage Trust, comments: “It is unsurprising that in-line with the wider owner-occupier market; service technology related elements are becoming increasingly important to buy-to-let intermediaries. By nature landlords will be keen to secure house purchases as quickly as possible and speed to offer is a vital element in allowing intermediaries to provide the best possible service to their clients. There is no doubt that product rate and design are still of great importance, but this research confirms that developments such as full online applications, and point of sale offers, are becoming increasingly desired and expected in the buy-to-let market.”
With 40% of respondents expecting chargeable rents to rise, and 44% expecting buy-to-let business volumes to increase, intermediaries will be looking to serve their clients as efficiently as possible by turning cases around quickly and efficiently.
Nicola concluded: “The appetite for enhanced technology that gives brokers the potential to achieve higher service standards looks set to become a fundamental requirement for the future.”
