With immediate effect, brokers can submit multi-property BTL applications online. There is no limit to the number of properties, subject to an overall portfolio maximum of £5million. If clients don't have sufficient rental income to cover mortgage payments based on the calculation rate, West Brom will automatically consider the case for 'top slicing' and will take the applicants spare income into consideration.
The enhanced system guarantees to only credit score the applicant once and provide a quick decision within two hours for applications up to £1 million. Applications for portfolios of more than £1 million may require additional information, in which case West Brom guarantees to specify the required information within two hours. Applicants can apply for the same mortgage product for all properties, or choose different products for each case. What's more, the system provides a full illustration for each property and applicants can add and remove properties up to the point of the application being credit scored.
Other enhancements to West Brom's online system include the ability for them to undertake a 'ghost' credit search on adverse credit applications, which does not leave a footprint on the applicants credit record. The online system also provides brokers with an improved way to access and review clients cases using a 'My Cases' function, which enables them to view KFIs, BTL illustrations and completed application forms.
Paul Field, divisional director of residential lending at West Brom for Intermediaries, said: "We believe these enhancements provide our system with the most advance online BTL capability in the UK mortgage market.
"Brokers have been eagerly awaiting the ability to submit multi-property applications online for some time. What's more, rising interest rates and falling rental yields mean that top slicing is also becoming a far more important feature. I have no doubt these enhancements will be warmly welcomed by brokers.
"However, this is not the end of the story. We are committed to a continual programme of system enhancements and will be making further announcements about additional functionality over the coming months."
