Panel members;  

Jeni Browne, sales director, Mortgages for BusinessPete Mugleston, managing director, Online Mortgage AdvisorGreg Cunnington, director of lender relationships and new homes, Alexander HallSebastian Murphy, head of mortgage finance, JLM Mortgage ServicesHiten Ganatra, managing director, Visionary FinanceTony Field, sales director, DynamoDavid Hollingworth, associate director of communications, London & CountryMatt Tilbury, senior mortgage and protection adviser, Just MortgagesAaron Strutt, product and communications manager, Trinity FinancialJonathan Clark, mortgage partner, Chadney Bulgin 

As landlords, both old and new, look to tap into the low mortgage rates on offer and the opportunities created by a decade of house price growth, there seems no stopping the buy-to-let (BTL) market.From existing borrowers looking to release equity for further investment, to first-timers eager to jump on the BTL bandwagon – demand is coming from all corners. Such varied demand however seems to have segmented many lenders, pushing some to specialise in one particular niche, rather than offering a ‘one-stop shop’ for brokers.Nevertheless, as lenders try to keep up with demand and adjust their offerings accordingly, brokers have plenty of choice, so, where are they choosing to place their business? Our latest BTL lender scores reveal all.  

BM Solutions  

Having taken a brief break from the top spot, BM is back with a vengeance. “Its service is incredible at the moment,” says Mortgages for Business sales director Jeni Browne.While Alexander Hall director of lender relationships and new homes Greg Cunnington describes it as a “model of consistency on speed and service”.Dynamo sales director Tony Field applauds its “fantastic service” but feels it is “beaten” by TMW on certain products. JLM Mortgage Services head of mortgage finance Sebastian Murphy believes while great for new clients, it has made a “huge error” in not moving into the limited company space. 

Godiva Mortgages (Coventry BS) 

A regular at the top of the table, Godiva sits in second place. “Godiva is a rock solid BTL lender,” says London & Country associate director of communications David Hollingworth. “Although its pricing isn’t always competing head-on with those at the top, it’s never far away,” he adds. Just Mortgages senior mortgage and protection adviser Matt Tilbury is a fan of its “fast service, no income requirements and minimal packaging,”But adds: “Its higher LTV product is not as strong as lower LTVs.”Murphy applauds its competitive rates, consistent underwriting and transparent criteria but would like to see a limited company offering.  

TMW (Nationwide)  

A gain of one place for TMW but mixed reviews from the panel. “Great rates, straightforward criteria and reliable service maintain TMW’s status as the go-to lender for standard cases,” says Chadney Bulgin mortgage partner Jonathan Clark.Online Mortgage Advisor managing director Pete Mugleston describes its product range as “excellent” but adds: “It doesn’t always offer what it initially says it would to the customer.” Murphy reports: “Inconsistent underwriting at times and a lack of ability to deal with more complex limited company cases. However great calculators and very competitive products.”Tilbury thinks there is still plenty of room for improvement: “Not the great BTL lender it was of the past – processing slow and rates not great; a real shame for a once mighty BTL lender,” he expresses.   

Barclays 

A notable four place gain for Barclays.“Its affordability model remains the market leading option for a lot of clients in London and the South East,” says Cunnington. While Trinity Financial product and communications manager Aaron Strutt is a fan of its product transfers. “We know that landlords are going to get a decent rate when the product is up for renewal,” he says.  The lender’s service is still causing concerns however:“Service is a long-term issue with Barclays due to the disjointed nature of its call centre and systems. Competitive rates and proposition though,” says Field. While Murphy states: “Great for new clients where top slicing is required. Not good for landlords with smaller overall net income.” 

NatWest Intermediary Solutions 

Another four place leap up the table – this time for NatWest. “The recent criteria changes, particularly the reduced stress testing requirements on 5-year fixed rates and like for like remortgages, are very welcome and have seen an instant uplift in our BTL volumes,” says Cunnington. Tilbury is in agreement: “New criteria has revitalised a previously poor offering, one of the quicker processing lenders at moment and reliable support,” he says.Clark observes: “An increasing focus on service, coupled with sharp rates is winning back brokers that have shied away from NatWest for years.”Strutt also welcomes the criteria changes and adds: “The removal of its minimum income requirement shows it is trying harder to compete with BM Solutions and TMW.” 

Santander  

A non-mover for Santander in sixth position. “Rates have been very competitive and service doesn’t let that down but criteria is where Santander has been scoring with pound for pound remortgage especially strong,” says Hollingworth. Clark feels while the lender’s overall proposition is good, it needs to remove its minimum income criteria if it is “serious about competing with TMW & BM.”Field feels service can fluctuate and applications require a lot of information to be keyed in. But adds: “Products are very good and a reliable lender.”Murphy also commends its competitive products but says: “Terrible BDM coverage all round, with some BDMs unable to provide an email address as head office don’t believe this is necessary – this seriously needs to be reviewed,” he says.  

Paragon  

Paragon is another non-mover in seventh position.“Going through a period of consolidation, releasing new products, such as holiday lets and short-term lending, to bolster its proposition,” says Browne. Cunnington describes it as a “go to” lender for limited company applications and professional landlords, with a flexible approach and underwriters who “just get” the market.Murphy says: “Great BDM support and it understands the BTL market, although products could be slightly more competitive. Brilliant lender for portfolio/professional landlords.”While Field notes: “Brilliant products – less confidence the cases will go through.” 

Virgin Money  

A slide of three places for Virgin. “Virgin is well set up to help landlords with straightforward situations, offering good rates and incentives. It’s also a quarter that saw it score well in maintaining consistent service and attracting volume business,” says Hollingworth. Tilbury also has praise for the lender; “good products and criteria currently, couple of good niches on criteria as well,” he says.Field however says: “Excellent service but average proposition, so perhaps not as much business as it should otherwise get.”While Murphy says: “Great BDMs but a very narrow proposition.”  

Precise Mortgages 

A rare appearance near the bottom of the table for Precise. “Not the most competitive at the moment but good service and processes,” says Field. Murphy states: “Still very much a specialist lender, who at times suffers with identity. Good for professional landlords, not so good or competitive for clients purchasing their first BTL.”Tilbury says: “Good with Houses in Multiple Occupation (HMO) and poor credit and always consistent with processing.”While Clark notes: “Affordability based on the pay rate for five-year fixed rate products, combined with top-slicing means that Precise will usually offer your client more than any other lender.” 

Leeds BS  

Leeds is still struggling to gain ground in tenth position. “Leeds’ holiday let proposition has been one of its major unique selling points but the competition is now catching up in an effort to capture some of this increasingly important market,” says Clark. Mugleston says: “Although there are a few BTL mortgage lenders with a wider product range, Leeds is one we have a lot of confidence in. We can’t fault it on customer service or BDM support and the eligible customers we refer to it usually get what they need with minimal fuss.”While Hollingworth reports: “Its desire to maintain its competitive position was demonstrated in how it listened to feedback and improved its holiday let income assessment to provide a stronger proposition.”