Mortgage Introducer, 6th August 2013, Lending Wizard to offer buy-to-let loans
The Lending Wizard said it made the move to meet an increase in demand for Buy-to-let products and the growing number of applications that offer a rental property as security.
Almost a quarter of business written by The Finance Planning Group in Q4 2012 was buy-to-let mortgages.
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.”
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 and without leaving a negative footprint on their credit scores.