Brokers must have a greater understanding of the “grey areas” of lenders’ criteria to support their landlord clients.
This comes as brokers and lenders must work much closer and more collaboratively, Specialist Lending Solutions Television in association with Castle Trust and Magellan Homeloans has heard.
TBMC managing director Jane Simpson explained that with the ever-increasing complexity, landlords need brokers to be knowledgeable and have deep expertise in the sector.
She noted that most landlords had battled through tax and regulation changes which had caused them to take a step back and assess their portfolios’ profitability.
“So they need to be able to come to a broker with what they want to achieve, and they need for that broker to be really knowledgeable, to be able to give them options that are going to work for them,” she said.
This included knowing the “grey areas, the type of deals they might be able to get through even if they are just outside of [lender] policy”.
“They need specialism and knowledge more than anything else just to help them achieve what they want to achieve,” she added.
Castle Trust sales director Marcus Dussard noted that it was now “more of a collaborative approach between lenders and brokers, and therefore the underlying landlord”.
“They’re evolving, they’re changing, so as lenders we need to change as well. And that comes back to our criteria, how we look at things,” he said.
Since filming, Magellan Homeloans has closed to new business.
Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions.
He also has experience in the protection, pensions, workplace benefits and HR areas.
Owain has won two Headline Money Awards and the Protection Review’s Journalist of the Year award.