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Twenty7Tec to enhance system in light of PRA changes
From January 2017, MortgageSource is improving its use of the Lenders Interest Cover Ratio (ICR) to return products based upon the rental income provided.
The system will analyse purchase versus remortgage, whether the client is capital raising or not, and client tax status to deliver the most accurate BTL product results possible.
Phil Bailey, strategy director of Twenty7Tec, said: “The [Prudential Regulation Authority] is clearly looking to flex its muscles with these changes.
“Tougher guidelines for affordability and stress testing is throwing yet more regulation towards the buy-to-let market and technology providers need to adapt quickly to support intermediaries.
“Having now seen the amendments to product ranges from lenders in December relating to the PRA, Twenty7Tec has finalised the enhancements needed to best support intermediaries sourcing for buy-to-let mortgages.”
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