OneSavings Bank – parent of Kent Reliance and Interbay Commerical – has signed a deal with software developer eTech to prepare for the Prudential Regulation Authority’s portfolio buy-to-let changes.
eTech will implement an online submission platform ahead of the PRA deadline on 30 September, when firms must scrutinise borrowers with four or more buy-to-lets by assessing their full portfolio of properties and outstanding mortgages in addition to the standard assessment.
Adrian Moloney, sales director at OneSavings Bank, said: “As a specialist lender, this sort of bespoke underwriting is in our DNA, so it will be business as usual for us come October.
“Nevertheless, brokers are our business, and we know they are soon going to be hit with a greater administrative burden, so we want to do all we can to make the transition as smooth as possible.
“In just a couple of months, the buy-to-let market will take yet another step toward greater specialisation, and I hope this tech-driven solution will quickly become the gold standard for brokers coming to terms with the new rules.”
eTech was developed with input from Mortgages for Business, OneSavings Bank’s distributor partner, and will allow brokers intermediaries to upload portfolio property details directly onto the platform, either manually or from Excel.
New portfolios can also be created more quickly based on previous portfolio data.
Mark Blackwell, lending and surveying services director, eTech, said: “We are delighted to be working with OSB to deliver the industry standard Buy to Let Hub. We have worked collaboratively to provide a solution that supports brokers and landlords and helps make OSB easy to deal with in a market becoming ever more specialist.
“We build software to manage property risk and improve efficiency. This is the start of the digital journey with the Hub with several more phases to follow after September that will deliver more enhancements to the specialist lending market.”