UTB Mortgages for Intermediaries has launched a new digital process for buy-to-let (BTL) mortgage applications.

The specialist lender’s BTL portal now includes a section specifically for landlords’ existing BTL portfolios which is matched with mortgage data gained from UTB’s credit reference agency (CRA).

PRA regulations demand that lenders assess the whole rental business of a portfolio landlord, which are those with four or more mortgaged properties, when considering new mortgage proposals – rather than simply underwriting the property to be mortgaged.

Lenders generally need the same information for each of the applicant’s rental properties including property value, mortgage balance, mortgage payment, and rental income and frequently this information is provided in the form of a spreadsheet. However, UTB suggested that this data can often be out of date or difficult to match to the mortgages or secured loans on the credit search, particularly as the CRAs don’t hold records on all mortgages from all lenders.

UTB’s new digital system pre-populates a page in the UTB portal with the credit search data from the decision in principle (DiP), leaving the broker just to update the necessary figures plus any BTL mortgages not picked up on the credit search.

All the portfolio information required to underwrite is collected on this page, which UTB noted will remove the need for further related queries and questions from the underwriter, especially for applicants with large portfolios.

Director of mortgages at UTB, Buster Tolfree, commented: “Brokers and packagers have reacted very positively to the launch of our new portfolio landlords process and is another great example of the benefits our continued investment in technology can deliver.

“We believe we’re the only lender to currently offer this innovative process and now we’re seeing how much time and hassle it is saving our brokers and underwriters, I’m sure other lenders will quickly follow suit.”

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