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A month is a long time in the buy-to-let mortgage market, although Covid-19 has added a certain feeling of Groundhog Day to our lives due to the various government restrictions currently being applied around the UK.
However, the buy-to-let mortgage sector continues to evolve in reaction to market demands and the marketplace is as dynamic as ever with daily changes to product pricing and lending criteria.
Encouragingly the Stamp Duty holiday has had a noticeable positive effect on the buy-to-let purchase market as landlords seek to expand their portfolios while the cost saving measure is still in place. At Property Hawk Mortgages, the level of purchase enquiries and applications has increased significantly since April 2020.
The boost to purchase activity is good for landlords and lenders, but some providers are dealing with the surge better than others. It seems apparent that those who have good IT systems and streamlined processes are able to handle the increased demand, but less well-equipped providers are struggling to maintain service standards. This clearly has a detrimental effect on the customer experience, causing frustration to everyone involved.
In the current coronavirus environment, landlord customers now expect a better online service from all parties to the mortgage application process, including being able to choose a product without the need for face-to-face meetings. Being able to upload supporting documents online is also a key advantage in terms of efficiency of service, so lenders without online facilities may lose out to the competition.
At Property Hawk Mortgages, we have a dedicated buy-to-let mortgage sourcing system which includes an online application form. We have recently added an online declaration and the facility to upload documents directly which will increase our processing efficiency. BM Solutions also announced recently that it would be launching a new online application system in 2021 with improved document uploading and case tracking features.
If buy-to-let mortgage providers are to maintain good service levels, continual improvements to IT systems and processes are key to meeting the expectations of customers. The current environment is unusual and pent-up demand for properties is putting higher than normal pressure on lenders, however it is a good way to identify potential shortcomings and find solutions for giving a better service.
Encouragingly the Stamp Duty holiday has had a noticeable positive effect on the buy-to-let purchase market as landlords seek to expand their portfolios while the cost saving measure is still in place. At Property Hawk Mortgages, the level of purchase enquiries and applications has increased significantly since April 2020.
The boost to purchase activity is good for landlords and lenders, but some providers are dealing with the surge better than others. It seems apparent that those who have good IT systems and streamlined processes are able to handle the increased demand, but less well-equipped providers are struggling to maintain service standards. This clearly has a detrimental effect on the customer experience, causing frustration to everyone involved.
In the current coronavirus environment, landlord customers now expect a better online service from all parties to the mortgage application process, including being able to choose a product without the need for face-to-face meetings. Being able to upload supporting documents online is also a key advantage in terms of efficiency of service, so lenders without online facilities may lose out to the competition.
At Property Hawk Mortgages, we have a dedicated buy-to-let mortgage sourcing system which includes an online application form. We have recently added an online declaration and the facility to upload documents directly which will increase our processing efficiency. BM Solutions also announced recently that it would be launching a new online application system in 2021 with improved document uploading and case tracking features.
If buy-to-let mortgage providers are to maintain good service levels, continual improvements to IT systems and processes are key to meeting the expectations of customers. The current environment is unusual and pent-up demand for properties is putting higher than normal pressure on lenders, however it is a good way to identify potential shortcomings and find solutions for giving a better service.
Property Hawk Mortgages is a specialist in the buy-to-let mortgage market. We have a wealth of knowledge and are dedicated to helping UK landlords find the best financial products and services available to them.
Use our free online mortgage search tool at Property Hawk Mortgages
Please let us know how we can support you, we are here to help.
Call us now on 029 2069 5446
Visit www.propertyhawkbtlmortgages.co.uk
Visit www.propertyhawkbtlmortgages.co.uk
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