UTB Mortgages launches new digital process to accelerate underwriting for BTL Portfolio Landlords

16 January 2023

UTB Mortgages for Intermediaries (UTB) has further enhanced its Buy-to-Let mortgage application journey with the launch of a new and innovative digital process which it believes is an industry first.

The specialist lender’s BTL portal now includes a section specifically for landlords’ existing BTL portfolios which is matched with the mortgage data gained from UTB’s credit reference agency (CRA). PRA regulations demand that lenders assess a portfolio landlord’s whole rental business when considering new mortgage proposals, rather than simply underwriting the property to be mortgaged (Portfolio Landlord being those with 4 or more mortgaged BTLs).

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. Often the data can be out of date or difficult to match to the mortgages / secured loans on the credit search, particularly as the CRAs don’t hold records on all mortgages from all lenders. 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.

UTB’s new digital system pre-populates a page in the UTB portal with the credit search data from the DiP leaving the broker just to update the necessary figures plus any BTL mortgages not picked up on the credit search. 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 recently completed a mortgage case for an experienced BTL packager whose client had a portfolio of 13 mortgaged rental properties. They used UTB’s new portfolio landlord system to supply the information UTB required to swiftly underwrite the case. They described the new system as “a real step forward in terms of simplifying and accelerating BTL applications for borrowers with larger portfolios”.

Buster Tolfree, Director of Mortgages – United Trust Bank, commented: “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 part of a wider strategy for the growth of UTB Mortgages for Intermediaries.”

Brokers can register to use UTB’s services at www.utbankmortgages.co.uk