It has by definition become a leader and not a follower when developing both unique products and a distribution strategy that best supports the specialist UK mortgage industry. A prime example of a unique product is its current portfolio Buy to Let product.
Rooftop has approached the issues surrounding minimum rental requirements from a different angle compared to the majority of UK lenders. Most lenders base the maximum advance that can be made against a property on a minimum rental yield requirement, which is generally 125% of the monthly mortgage payment. With rental yields stabilising or even decreasing in certain parts of the UK, this calculation and lender approach can and has had a negative impact on whether an applicant is acceptable to a lender.
Rooftop has a totally different approach to this fresh challenge that most intermediaries are now encountering. The portfolio product is based on a number of factors surrounding the applicant’s status and is NOT based on the property achieving a minimum rental yield. As long as the applicant or applicants has at least three buy to let properties for a minimum of six months, Rooftop will advance up to £3 million at 85% loan to value.
Rooftop has developed various distribution strategies with substantial amounts of business being delivered via packagers. The packagers include both regional and nationally recognised companies. Some packagers have further developed the packager solution by becoming Rooftop specialist centres. Mortgage Choice is one of the Rooftop specialist centres.
Rooftop specialist centres offer various solutions, including service, to the intermediary. Service has recently become one of the most important parts of the sales process when recommending a product to a client. Mortgage Choice as a specialist centre offers access to a Rooftop employed underwriter who has the mandate to make decisions and sign off applications. At Mortgage Choice we also produce the offers and deal with all elements of the completion process on site ensuring that as a national packager we do not rely on lenders’ head office timescales. Mortgage Choice as a Rooftop specialist centre controls the process.
Key Features of a Rooftop Specialist Centre:
· On site lender underwriters
· Offers produced on site
· Completions transacted on site
· Control of turnaround times
For further details of the Rooftop specialist centre and to obtain a lender KFI visit the Mortgage Choice website www.mc-uk.net or contact the new business team on 0161 962 7800 and press option 1.
