Buy-to-Let Mortgage Market Sees Shifts in Lender Satisfaction and Product Offerings

The buy-to-let mortgage market has witnessed significant changes in lender satisfaction and product offerings, according to recent reports. Mutuals have retained their top spot in broker satisfaction, with an overall rating of 85.7%. This is up 1% from the previous year, making it the highest ever recorded.

The Mortgage Lender Benchmark reveals mutuals as the top-rated sector for broker satisfaction.

Lifetime lenders have also seen an increase in their score, up 1.9% to 85.5%. Banks have seen a 0.4% increase to 82.7%, while specialist lenders have experienced a 0.9% increase to 80.4%. Broker satisfaction with relationship managers has also risen by 0.6% to 82.1%.

Principality Building Society was named the top building society.

In other news, Gatehouse Bank has reintroduced top slicing for UK residents purchasing a buy-to-let property. This means that where the rent paid by the tenant does not exceed the monthly payment charged by the bank by the required amount, the applicant’s personal income can be used to ’top-up’ the shortfall.

Gatehouse Bank has reintroduced top slicing for UK residents.

Additionally, Paragon Bank has launched a refurb-to-let proposition, offering landlords finance for refurbishment projects. This move is expected to boost the buy-to-let market, which has seen a decline in high loan-to-income lending.

Paragon Bank has launched a refurb-to-let proposition.

The buy-to-let market has also seen changes in lender criteria, with Santander loosening its rules for landlords and updating its anti-money laundering questions on deposits. Meanwhile, NatWest has revamped its buy-to-let affordability calculator, portfolio assessments, and stress tests.

Santander has loosened its criteria rules for landlords.

The Property Ombudsman has received a record number of enquiries, with 57,635 people seeking assistance. This has resulted in payouts of £1.5 million.

The Property Ombudsman has received a record number of enquiries.

In other news, Landbay has joined Optimum ELITE’s panel of lenders, while Keystone Property Finance has hired Sabiha Moghal as its new business development manager.

Landbay has joined Optimum ELITE’s panel of lenders.

The buy-to-let market is constantly evolving, with lenders adapting to changing market conditions and broker satisfaction playing a crucial role in shaping the industry’s future.

The buy-to-let market is constantly evolving.