LendInvest
The Buy-to-Let team spent much of February talking in-depth about the remortgage market, which looks like a bumper one in 2022.
In this environment, lenders must take the right steps to simplify remortgaging, both in terms of process and by offering borrowers the products and criteria that make decisions easy.
Technology underpinning everything
The expected rise in the remortgage market is due to the PRA changes five years ago, which saw many borrowers remortgage to avoid any complications or extra difficulties posed by the rule changes.
Borrowers didn’t remortgage five years ago to be welcomed by a more complicated process now.
How lenders have ridden those changes and made the process simpler is of huge importance, and making these remortgages the simplest they’ve ever been through technology will play a large role.
Read more on what LendInvest BDMs see in the Buy-to-Let remortgage market here.
The LendInvest team has pioneered using Open Banking in the underwriting process and Jumio ID verification to speed up the process.
In the back end, integrated searches mean the underwriting team has more tools than ever before to speed up cases.
Offering the right products
The market is different now than it was five years ago. Holiday Lets are surging in the UK, and landlords find themselves remortgaging in a climate where the push to net-zero underpins all areas of government policy, including the rental sector.
A broad product range that can support change of purpose and support landlords into the future is essential.
Read more on four recent Buy-to-Let remortgage deals here.
Incentivising landlords to meet their climate obligations through better EPC ratings is also important, which is why their Buy-to-Let products are cheaper for those who have already upgraded their properties or use LendInvest’s bridging range to do it.
Securing properties for the future
Stability is increasingly important to landlords and property investors in an uncertain economic climate.
This is why LendInvest has expanded its range to include 7- and 10-year products so landlords can see any uncertainty with low-rate products.
As rental yields vary, they continue to offer pay rates and 5% ICR tests. Those with higher-yielding properties can benefit from lower rates as we reward sound investment strategies, making this remortgage one for the future.
See their latest Buy-to-Let rates and get instant quotes here.
Credits: Andy Virgo, Buy to Let Director