If you rely purely on sourcing systems to find the most suitable products for your landlord clients, you could be costing them time and money, so what’s the alternative?
Buy to let used to be a relatively straight forward transaction and a simple calculation to see whether the rental income supported the mortgage meant that products could easily be sourced on rate. But the market has changed, and lenders have varied in their interpretation of regulation, which has put much greater emphasis on criteria in sourcing the most suitable solutions for landlords.
Unfortunately, sourcing systems are not best equipped to these intricacies of individual lender criteria, often because the lenders themselves can be flexible depending on how a case, or a portfolio, stacks up as a whole.
The result is that we frequently receive calls from a broker who has sourced a buy to let mortgage for their client, submitted an application and paid fees only to find that the case has been rejected because it hasn’t met the lender’s criteria. On one case recently, a case had been rejected by three separate lenders before being referred to Brightstar.
How can this be treating customers fairly? Relying on a sourcing system to interpret criteria can certainly cost your clients time and could potentially cost them money.
Now, more than ever before, buy to let is a market that relies on specialist expertise and understanding of what lenders will or will not accept. Picking up the phone and speaking to Brightstar at the beginning of a case could ensure that you are more likely to select the correct product first time round – saving you time and your client money. Our specialist expertise means that our conversion rate is more than 80% for first time placements because we rely on knowledge and an individual understanding of every case, rather than a computer algorithm.
So next time you speak to a landlord client and are tempted to go straight to a sourcing system, think about treating your customers fairly and pick up the phone to Brightstar – we might be able to save your client time and money, ENQUIRE TODAY
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