The National Landlords Association and The Business Mortgage Company are launching a service that all- ows landlords to source buy-to-let mortgage deals.
The free service, NLA Mortgages, is designed for investors looking to expand their portfolios or remortgage existing properties.
It provides an online sourcing and quotation system plus a free helpline manned by experienced TBMC staff that offers information about lenders and products in the sector.
The lender is also responsible for processing NLA Mortgages applications.
For every mortgage placed through the service, NLA members will receive a minimum 0.25% of the loan advance upon completion, so a 250,000 buy-to-let mortgage would yield 625.
Members wishing to remortgage five or more properties at the same time will receive a guaranteed 0.275% of the loan amount.
As a result a remortgage portfolio of 2m would generate 5,500 for NLA members.
David Salusbury, chairman of NLA, says: “With around 80% of our members either expecting to expand their lettings portfolios or maintain existing levels over the next few years, this is an ideal time to implement a dedicated sourcing and quotation system.
“It will allow our members to search for the buy-to-let mortgage that best suits their circumstances.”
Andy Young, chief executive officer of TBMC, says: “We are delighted to be working with the NLA. What it is trying to do fits perfectly with the processing solutions we provide.”