Criteria Hub rolls out BTL module with clear portfolio landlord definitions
09 January 2018
Criteria Hub, the 'deep search' criteria engine for mortgage advisers, clubs and networks, which officially launches later this month, has announced the rollout of its BTL module, which will provide the same search functionality as it already does for residential criteria.
The first part of the rollout includes a new search facility where brokers can access specific help when they are researching which BTL lenders accept portfolio landlords but with the exact criteria for assessing whether their clients qualify as portfolio landlords.
According to Jason Hegarty, Director of Criteria Hub, brokers are experiencing particular difficulties because lenders use different definitions of what constitutes a portfolio.
He said, “The PRA defines a portfolio landlord as being one who has four or more mortgaged BTL properties, but different lenders interpret this according to their own rules. Up to now detailed definitions from lenders have been rather limited and understandably brokers get frustrated when they find that the lender they have picked does not count properties owned by companies or ones that are holiday lets, for example.
Brokers need to know specifically how a lender defines a portfolio landlord and our new BTL module includes this new search option, which will allow brokers to see lenders’ positioning along with detail and a clear definition of whether certain properties, such as those that are company owned, are acceptable.
This innovation allows users of Criteria Hub to see clearly in one place, lenders’ specific portfolio landlord definitions. This is going to be of great value to all brokers in 2018 and marks the start of a comprehensive roll out of BTL search tools dedicated to ensuring that brokers waste as little time as possible when researching potential funding sources.