MBT names top buy-to-let lenders for affordability
Mortgage Broker Tools (MBT) has named the top five buy-to-let lenders for affordability based on searches processed through the MBT Affordability platform in the past two months.
For affordability Gatehouse Bank came out on top followed by Tipton & Coseley Building Society in second and Hinckley & Rugby Building Society was in third. In fourth place was Interbay and Furness Building Society was fifth.
For top slicing, MBT gave a special mention to Barclays and Clydesdale Bank. While Saffron Building Society and Darlington Building Society gave particularly strong results for expats. For holiday lets MBT also highlighted the Ipswich Building Society and Principality Building Society.
Tanya Toumadj (pictured), CEO at Mortgage Broker Tools, said: “Affordability calculations are important for Buy to Let investors who want to maximise their leverage, so it’s really interesting that the top five lenders for affordability are arguably lesser-known lenders in this part of the market. This shows the importance of shopping around and carrying out thorough research.
“Every case is different and affordability results vary depending on the individual circumstances of a customer. Often the most suitable lender for a client may not be the lender that a broker first thinks about. So, technology platforms like MBT Affordability are a vital tool for brokers in helping them to make sure they are providing the most suitable recommendations based on their client’s requirements.
“At MBT we have also developed a criteria tool that works alongside our affordability results to help brokers ensure they are choosing the right lender for their client’s specific circumstances. And we have used our access to rich data from real enquiries to create MBT Analytics, which helps lenders to target affordability enhancements to very specific client cohorts, enabling them to develop their offering and ultimately help more customers.”