Sesame and PMS Mortgage Club have launched a referral service to help advisers deal with buy-to-let mortgage enquiries from portfolio landlords.
The service enables Sesame and PMS members to refer their clients to specialist partners 3mc and Mortgages for Business, who will provide full advice and a recommendation based on their detailed knowledge of the ways in which different lenders underwrite applications from portfolio landlords.
Jane Benjamin, head of relationship management at Sesame and PMS, said: “It has become clear that lenders are interpreting the new PRA rules regarding portfolio landlords in different ways, which is creating real challenges for mortgage advisers. In an increasingly complex area of the market, our latest initiative provides a solution for those advisers who would prefer to refer their buy-to-let portfolio business.
“It is part of our commitment to continually enhance our adviser support in order to help our members deliver the right outcomes for their customers.”
Doug Hall, director of 3mc, added: “Dealing with portfolio landlords may only be a small part of many brokers’ business activities and this referral service means they don’t need to worry about remaining up to date with subtle differences between lenders buy-to-let products and procedures.”
David Whittaker, CEO of Mortgages for Business, said: “The new PRA rules are creating challenges not only for lenders but also brokers. This new service will remove a burden from the shoulders of brokers who only occasionally deal with portfolio landlords, whilst still enabling them to generate a worthwhile income stream and retain ownership of their client relationship.”