The BTL option allows for multi-property ownership, and no limit to the amount of properties owned. If clients do not have sufficient rental income to cover mortgage payments then the lender will automatically consider the case for ‘top slicing’ and will take applicants’ extra income into consideration.
The system guarantees to only credit score the applicant once and will provide a decision within two hours for applicants up to £1 million. Applicants may apply for the same product for all properties, or choose different products for each case.
The enhancements also include the ability for a ‘ghost’ credit search to be undertaken on adverse applications which will not leave a mark on the applicant’s credit record.
Paul Field, divisional director of residential lending at West Brom for Intermediaries, said: “We believe these enhancements provide our system with the most advanced online BTL capability in the UK market.
“Rising interest rates and falling rental yields mean that ‘top slicing’ is also becoming a more important feature. I have no doubt these enhancements will be warmly welcomed by brokers. We are committed to a continual programme of system enhancements and will be making further announcements about additional functionality over the coming months.”
Brian Murphy, head of lending at the Mortgage Advice Bureau, said: “This is an innovative move. The days of paper cascades are moving behind us and online activity is certainly welcomed.”
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