Buy-to-Let Finance relaunched, Home Finance product changes and Broker Portal Update
We have today relaunched our Buy-to-Let product offering and have made changes to all of our Home Finance products.
Following feedback from our intermediary partners, we are also pleased to confirm that we have made a number of enhancements to our online application portal to make it easier for you to submit cases and monitor their progress. A summary of the changes are as follows:
Buy-to-Let (UK residents, UK Expats and International residents):
- New products launched across our BTL product range.
- Minimum finance £150,000 across all BTL products.
- Minimum property values are now £235,000 for 65% FTV products, £200,000 for 75% FTV products and £190,000 for 80% FTV products.
- International resident HMO and MUFB products are not being relaunched at this time.
Home Purchase Plans:
- Minimum finance amount has decreased to £150,000, from £200,000 across all HPP products.
- Minimum property value for all 65% FTV products has decreased to £235,000, from £310,000.
- Minimum property value for all 80% FTV products has decreased to £190,000, from £250,000.
- The ‘Rent Only’ finance option has been temporarily withdrawn from all Home Purchase Plan products.
Broker Portal Update:
- A new feature to upload multiple documents has now been integrated into our online application portal which allows a full suite of documents to be added per task, reducing the need for additional tasks to be raised and allowing applications to progress more efficiently. The new feature is available at the point of a) pre-submission tasks when all mandatory tasks are required to be completed, and b) Requests for Documentation.
- New ‘Broker Notes’ functionality allows you to add notes and supporting information via the Application Dashboard. You are able to view the notes but are unable to edit or delete the notes once saved as we need to keep an audit trail for our customers.
- The Status Names have been revised to give a clearer definition of each stage of our application process and provide you with additional clarity on the status of applications you have submitted to us:
|Previous Status Name||Updated Status Name|
|Application Submitted||Application Submitted For Signature|
|Packaging||Case Manager & KYC Review|
|Preparing Offer||Offer Awaiting Approval|
Packaging of Applications
One of the key reasons for delays in processing applications is that they are not being fully packaged at the outset. To deliver the desired levels of customer service to you going forward, we really need your support to ensure all required documentation is included in line with the guidance we provide at the time of submitting the application.
Thank you for your continued support. Our teams remain available to deal with your queries via phone and email, details of which can be found here.