Brokers would consider complex buy-to-let (BTL) lenders to be the most flexible with mortgage applications compared to any other mortgage sector, a new study from Smart Money People has revealed.

BTL complex applications include commercial BTL, portfolio landlords and limited company applications.

Smart Money People’s research revealed that complex BTL lenders were rated 96% for their flexibility by brokers, which compares to mainstream BTL lenders rated 87% for flexibility. Overall, lenders across all categories scored a rating for flexibility of 79%.

Comparing the two types of BTL lending, brokers also rated the underwriting from complex BTL as higher than mainstream BTL lenders, with a rating of 50% compared to 32%. The overall average across all lenders was 51%. 

The research covered feedback from 597 brokers on 44 lenders across banks, building societies, specialist lenders and lifetime providers, as well as their general thoughts on the mortgage market.
 
Smart Money People’s findings also indicated a marked difference between broker satisfaction with speed for the two types of BTL lender. Complex BTL lenders were rated just 29% for their speed while mainstream BTL lenders were rated 55%.

“It’s clear that brokers realise and appreciate the complex nature of non-mainstream BTL cases and how lenders approach them, especially when it comes to how flexible a lender is willing to be for these cases,” commented Smart Money People CEO, Jacqueline Dewey.

“However, a rating of 29% for speed compared to the overall lender average of 58% shows that complex BTL lenders still have room for improvement in their backend processes.”

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