When you’re planning to buy a property to rent out, or you have existing buy-to-let properties, one of the keys to success in all these investments is obtaining a competitive buy-to-let mortgage, or a good deal on renewal.
The UK buy-to-let mortgage market has undergone considerable change recently and lending criteria is not anywhere near as straightforward is it used to be, so weighing the market at any particular time and day is often a bit of a minefield.
Fortunately, as often happens these days, new technology comes to the rescue. A brand new product designed to help in this regard is a sort of “Money Supermaket” for BTL mortgages, the only one of its kind, has just become available.
Property-Master has actually been under development by a trio of finance industry professionals over a period of 2 years. Bringing together an advanced technical system capable of scouring every BTL mortgage offering available in the UK, on a daily basis, and integrating this into the financial services regulations needed for FCA approval, has been a major achievement for this team.
Founder and CEO Angus Stewart has held senior IT and operational positions at Barclays Bank and been CEO of e-Solutions which provides data security and information systems into the Financial Services Sector, Chairman Simon Newman has held top level roles at Prudential, Aviva Singapore and Hong Leong Bank Malaysia, and Director of e-channels at Barclays. And Operations Director Derek Ham has held senior roles in small business banking at Lloyds, Santander and Barclays and operations director at Cibsys an IT consultancy.
NBC Property Master Limited is an FCA regulated company based in Staffordshire and run by a team of 9 senior managers, all well versed in the financial services industry. The product they have developed is an algorithm based IT system. At the heart of this lies a unique database of buy-to-let mortgages and sophisticated search algorithms which precisely matches a landlord and their properties to lenders and their lending.
As a result the mortgages identified are pre-screened for acceptance through a single click. This capability is not available anywhere else in the market, and the data and algorithms are not available to traditional brokers.
Using this system was easy and straightforward, and the website (my impression) was very nicely designed, and really well thought through as a streamlined application process. Briefly, anyone just clicking on the website can do a quick search of the market for available mortgage quotes on the day: this brings up a list of mortgages providers and their best available deals given your very basic criteria.
Want a deal tailored to your exact situation, and pre-approved? Then obviously you need to enter your unique circumstances, property details, personal earnings etc. Here you sign up to the secure system and follow a stepped process which is very clear and comprehensive – no confusing questions or forms I found.
Just five minutes and I ended up with a list of around 10 providers’ offers, all pre-approved and in descending order of priority, what’s more all these offers are saved for future reference. The system also saves your personal circumstances data, which saves a lot of time if you want to do another check tomorrow or any day in the future.
Property Master charges no fees itself, unless you need specific broker advice and help, which is available for non-standard applications, such as HMOs etc. However, the database does include buy-to-let loans for limited companies, something that has become more in demand since the recent tax changes for landlords.
I was certainly impressed by the simple and straightforward process offering the ability to do ‘what if’ scenarios and daily mortgage deal checks. I’m sure Property Master will prove very popular with landlords and I will certainly be looking to use the system myself.
Tom Entwistle, Editor, LandlordZONE®