UTB Mortgages for Intermediaries has upgraded its buy-to-let mortgage application process with the launch of a digital section for portfolio landlords.  

The specialist lender’s BTL portal now includes a page specifically for landlords with existing BTL portfolios, which is matched with mortgage data drawn from the bank’s credit reference agency.   

The move is in line with the Bank of England’s Prudential Regulation Authority regulations, which require lenders to assess a portfolio landlord’s whole rental business when considering new mortgage proposals, rather than simply underwriting the property to be mortgaged. Portfolio landlords are classed as those with four or more mortgaged BTLs.  

The bank says that lenders generally need the same information for each of the applicant’s rental properties including property value, mortgage balance, mortgage payment, and rental income and frequently this information is provided in the form of a spreadsheet.   

But points out that often this data can be out of date or difficult to match to the mortgages or secured loans on the credit search, particularly as credit reference agencies do not hold records on all mortgages from all lenders.   

It adds: “A manual underwriting process then commences with lots of back and forth between the lender, broker and borrower to resolve queries which takes time, can lead to delays and subsequent frustrations.”  

The lender says its new digital system pre-populates a page in the UTB portal with the credit search data from the decision in principle, leaving the broker to just update the necessary figures plus any BTL mortgages not picked up on the credit search.   

It adds that all the portfolio information required to underwrite is collected on this page “removing the need for further related queries and questions from the underwriter, especially for applicants with large portfolios”.  

United Trust Bank director of mortgages Buster Tolfree says: “Brokers and packagers have reacted very positively to the launch of our new portfolio landlords process and is another great example of the benefits our continued investment in technology can deliver.   

“We believe we’re the only lender to currently offer this innovative process and now we’re seeing how much time and hassle it is saving our brokers and underwriters, I’m sure other lenders will quickly follow suit.  

“We are aiming for 2023 to be the year UTB becomes a meaningful BTL player with the substantial development of our BTL business as part of a wider strategy for the growth of UTB Mortgages for Intermediaries.”