Introducer Today, 7th August 2013,The Lending Wizard gets into buy-to-let
Loans specialist The Lending Wizard has responded to the buy-to-let boom by offering products to brokers for the first time.
It has made the move to meet the rising demand for buy-to-let products, and the growing number of loan applications that offer a rental property as security.
The Lending Wizard, which helps brokers source loans for clients, says its new service will help brokers with buy-to-let clients who want to raise extra funds without having to remortgage.
Brokers with access to The Lending Wizard’s ‘soft quotation’ tool will now be able to source buy-to-let loan products at up to 70% LTV. The platform allows intermediaries to get accurate quotations and products for their clients quickly without leaving a negative footprint on their credit scores.
Gareth Broome, business development manager at The Lending Wizard, said: “With the demand for buy-to-let mortgages continuing to grow, it was a logical step for us to start offering the appropriate loan products via our portal. We expect our new offering to fill a gap in the market for brokers who want to raise additional finance for their customers without having to re-mortgage.”
Maeve Ward, head of sales, secured lending at Shawbrook Bank added: “We’re really pleased to be offering the lowest buy-to-let rate on The Lending Wizard’s panel, at 9.95%. With market-leading commission and rental income calculation from 110% – compared to the typical 125% coverage for mortgages – brokers with access to The Lending Wizard can now give their customers some of the best buy-to-let financing products on offer.”