The Mortgage Lender has teamed up with e Tech to simplify portfolio buy-to-let underwriting for brokers and portfolio landlords.
The e Tech platform allows brokers to record portfolio information and validate property addresses in a standardised format which can be submitted to its lender partners.
The process makes it easier for buy-to-let brokers to provide portfolio information to lenders without the need to re-key information in different formats for different lenders.
Scott Callaghan, mortgage operations director at The Mortgage Lender, said: “The introduction of underwriting standards for buy-to-let mortgages introduced by the Prudential Regulatory Authority has helped formalise the information lenders need to make an underwriting decision.
“But until now it has been open to interpretation by lenders, which has made the process of applying for a portfolio buy to let mortgage onerous for brokers and borrowers as each lender has asked for the information in a slightly different format or order.
“By partnering with eTech we’re making it easier for borrowers and brokers to submit the information we need in a more standardised format speeding up the underwriting process and time to offer.”
Mark Blackwell chief operating officer at e Tech, added: “We are confident that The Mortgage Lender and their broker network will see significant benefits and efficiencies using eTech’s buy-to-let hub.
“The online system provides a simplified platform for Brokers and ensures clear formatting and accuracy of submissions. Loan applications will be tested and processed more quickly, leading to faster response times.
“eTech’s buy-to-let hub technology was first developed nearly two years ago to address changes to the portfolio landlord underwriting standards and has seen continuous refinement as part of our close working client relationships, ensuring we continue to meet the needs of both lenders and brokers.”
The application, along with the property information, is stored on the eTech buy-to-let hub platform and can be accessed for future mortgage re-broking or portfolio review.
Earlier this month The Mortgage Lender reduced the initial rates on its limited company buy-to-let range to bring it in line with individual pricing and introduced a limited company no fee £500 cashback option with an initial rate of 4.02%.
Initial rates start at 3.09% for a 2-year fix at 70% LTV with a completion fee of 1.5%. And its 5-year fix with a 3-year early repayment charge and a 1.5% completion fee starts at 4.05%.