Broker buy to let referrals up 32 per cent

Broker buy-to-let referrals up 32 per cent

Mortgages for Business, the commercial and buy to let mortgage broker and packager, has seen a 32 per cent increase in the number of non-regulated brokers looking to take advantage of its whole of market schemes over the last 10 months.

Since the beginning of 2009, the majority of buy-to-let lenders have only accepted mortgage applications from FSA regulated brokers - and non-regulated brokers have seen their access to the market severely restricted. As a result, non-regulated brokers have increasingly been turning to packagers like Mortgage for Business to help them continue to do business in the Buy to Let market.

Nick Blunt, head of business partner development said: “Buy to Let Lenders’ decision to only accept applications from regulated brokers has turned out to be good news for us - the brokers who are turning to us still require the most competitive whole of market proposition available in today’s market. We are able to offer 3 specially tailored schemes offering slightly differing levels of support and input, but all having the same core elements of access to the whole of market and a licence to our market leading sourcing system – Mortgage Flow. The most popular scheme by far is our Appointed Representative scheme which allows the broker direct access to the lender, a better client experience than submitting their business to a third party, and market leading remuneration.”

David Whittaker, MD added: “With our vast experience of the Buy to Let broking world we know the market inside out and understand the importance of providing a whole of market proposition to specialist brokers, who are often not regulated by the FSA.”