Broker portal Criteria Hub is launching a new search facility for buy-to-let mortgages.
This new module will enable brokers to access information on how different lenders define a ‘portfolio’ landlord, and compare terms in one place.
Criteria Hub director Jason Hegarty says many brokers are experiencing difficulties because lenders use different definitions of what constitutes a lending portfolio.
“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.”
He added that this marks the start of a comprehensive roll-out of buy-to-let search tools in 2018.
This new facility will operate alongside the company’s residential search engine. This lets brokers run whole-of-market searches that compare lending criteria as well as rates.
Hegarty says the portal is designed to save brokers time and help improve their ability to give advice. The portal is updated by lenders and through Criteria Hub’s own algorithms.
After a pilot scheme, the residential “deep search” engine has been up-and-running for a number of months, and is now available to brokers, mortgage clubs and networks.
The portal – with this additional buy-to-let facility – will be formally launched later this month.