First Complete invests in buy-to-let mortgage startup
12 October 2017 | 1929 views | 0
Source: Property Master
Property Master, a new digital buy-to let mortgage start up, has announced a minority investment by First Complete, part of LSL Property Services plc, a leading provider of residential property services including estate and letting agency services through brands which include Your Move and Reeds Rains.
The first of its kind, Property Master offers an alternative in the traditional buy-to-let market by using sophisticated algorithms to dynamically match buy-to-let landlords funding requirements to over 90 prospective lenders who offer in excess of 2,000 different buy-to-let mortgages. Since Property Master’s launch just four months ago over 7,000 landlords have made use of its services, with a typical remortgage saving individual landlords over £1,800 per annum against their current outgoings. (*)
The buy-to-let mortgage market, which Property Master operates in, involves an estimated two million private landlords. It is also a market faced with changes in regulation and taxation, the latter leading to a reduction in mortgage interest tax relief on buy-to-let properties from early next year, which may lead to private landlords looking to restructure the funding on the properties they currently own.
Angus Stewart, CEO of Property Master, said: “Our cracking launch performance with over 14,000 mortgage searches in just four months demonstrates the pace at which we are revolutionising buy-to-let finance. With the recent addition of our new affordability monitoring features especially for portfolio landlords we are achieving our goal of making Property Master the destination site for any landlord looking to find their next mortgage.”
“This investment by LSL will help to accelerate the growth and capability of Property Master and assist in providing more choice to landlords in the buy to let mortgage market.” he added.
David Copland, Director of Mortgage Services at LSL, said: “We are looking forward to working with the Property Master team. We recognise the structural changes occurring within the mortgage industry and see Property Master’s technology as a key enabler of future change.”
(*)Based on 34 remortgage applications to Property Master - comparing payments that would apply prior to remortgage to the payments payable under a new like for like mortgage. Average saving £1,800 per annum.