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LendInvest | How Lenders Can Make BTL Remortgaging Simpler?

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 remortgage market is expected to rise due to PRA changes five years ago. Borrowers remortgage then to avoid complications posed by the new rules.

Now, the remortgage process could have become more complex, but lenders have simplified it. The importance of these changes cannot be overstated.

Technology plays a significant role in making remortgages the simplest they have ever been. For insights, read what LendInvest BDMs observe in the Buy-to-Let remortgage market. here.

The LendInvest team has led the way by using Open Banking in underwriting. They also use Jumio ID verification to speed up the process.

Integrated searches on the back end provide the underwriting team with more tools, speeding up case processing.

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.

It is also important to incentivise landlords to meet their climate obligations through better EPC ratings, 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 so.

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

 

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