Aldermore is to allow brokers greater flexibility to appoint conveyancers to support on complex buy to let transactions.
The lender is to introduce an open panel approach, permitting brokers’ choice of conveyancer as long as they are registered with Aldermore via online onboarding portal, called Lender Exchange.
The conveyancers must also meet the following criteria:
· At least two Solicitors Regulation Authority approved managers or two Council for Licensed Conveyancers authorised managers;
· Minimum professional indemnity insurance cover of £2m;
· And for solicitors, they must also have a Conveyancing Quality Scheme accreditation.
Jon Cooper, head of mortgages at Aldermore, comments: “An open panel approach is a popular option for brokers, giving them the flexibility to use conveyancers of their choice.
“Yet many lenders do not have the capabilities for specialist buy to let lending, due to the complexity of these deals.
“At Aldermore, we are committed to serving the underserved and often overlooked borrowers, and our open panel approach will further strengthen our offering, helping landlords realise their property investment goals.”