Criteria Hub

Criteria Hub introduces BTL module

Criteria Hub has announced the introduction of its buy-to-let (BTL) module, which will offer the same search service that it provides for residential criteria.

The ‘deep search’ criteria engine for mortgage advisers will officially be launched later this month.

The first stage of the introduction includes a new search facility.

This will enable brokers to access specific assistance when they are researching which buy-to-let lenders accept portfolio landlords, but with the same criteria for assessing whether their clients qualify as portfolio landlords.

Jason Hegarty, director of Criteria Hub, claimed that brokers were experiencing particular difficulties because lenders used different definitions of what constitutes a portfolio landlord.

He said: “The PRA defines a portfolio landlord as being one who has four or more mortgaged BTL properties, but different lenders interpret this according to their own rules.

“Up to now, detailed definitions from lenders have been rather limited and understandably brokers get frustrated when they find that the lender they have picked does not count properties owned by companies or ones that are holiday lets, for example.

“Brokers need to know specifically how a lender defines a portfolio landlord and our new BTL module includes this new search option, which will allow brokers to see lenders’ positioning along with detail and a clear definition of whether certain properties – such as those that are company owned – are acceptable.

“This innovation allows users of Criteria Hub to see clearly in one place lenders’ specific portfolio landlord definitions.

“This is going to be of great value to all brokers in 2018 and marks the start of a comprehensive roll out of BTL search tools dedicated to ensuring that brokers waste as little time as possible when researching potential funding sources.”

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