Precise Mortgages has revealed its latest research has found that product innovation and more consistency on criteria are at the top of buy-to-let brokers’ wish-lists for helping to address the remortgage challenges facing landlords.
Its study found 50% of buy-to-let brokers want to see more innovative product approaches from lenders while 43% say increased consistency is needed on the criteria offered by lenders and the industry as a whole when assessing remortgage applications.
Other key changes brokers want to see from lenders, to help remortgage customers, include the launch of online rental cover calculators which was chosen by 41% of brokers. Enhanced service standards would also help address remortgage challenges according to 26% of brokers surveyed.
51% of brokers believe the introduction of stricter rental cover requirements is the biggest issue facing remortgage customers. On the subject of rental cover requirements, lack of clarity from lenders was chosen by 31% of brokers, while 29% pointed to a lack of consistency from lenders.
Alan Cleary (pictured), managing director of Precise Mortgages, said: “Buy-to-let brokers and their customers face a number of possible issues when remortgaging following the regulatory and tax changes in the market.
“Specialist lenders need to respond to their concerns with solutions for borrowers that the High Street will no longer service.”