The buy-to-let module searches with the exact criteria for assessing whether their clients qualify as portfolio landlords and will provide the same search functionality as it already does for residential criteria.
Criteria Hub, the 'deep search' criteria engine,haslaunched its buy-to-let module search facility where brokers can access specific help when they are researching which buy-to-let lenders accept portfolio landlords.
Criteria Hub is the search engine for mortgage advisers, clubs and networks which will be rolled out later this month.
The buy-to-let module also searches with the exact criteria for assessing whether their clients qualify as portfolio landlords and will provide the same search functionality as it already does for residential criteria.
Jason Hegarty, director of Criteria Hub, said that brokers are experiencing particular difficulties because lenders use different definitions of what constitutes a portfolio.
He said: “The PRA defines a portfolio landlord as being one who has four or more mortgagedbuy-to-letproperties, but different lenders interpret this according to their own rules.
“Up to now detailed definitions from lenders have been rather limited and understandably brokers get frustrated when they find that the lender they have picked does not count properties owned by companies or ones that are holiday lets, for example.
“Brokers need to know specifically how a lender defines a portfolio landlord and our newbuy-to-letmodule includes this new search option, which will allow brokers to see lenders’ positioning along with detail and a clear definition of whether certain properties, such as those that are company owned, are acceptable. ”
Hegarty added: “This innovation allows users of Criteria Hub to see clearly in one place, lenders’ specific portfolio landlord definitions.
“This is going to be of great value to all brokers in 2018 and marks the start of a comprehensive roll out ofbuy-to-letsearch tools dedicated to ensuring that brokers waste as little time as possible when researching potential funding sources.”
