The UK’s first digital mortgage brokerage service for the country’s private rental sector has been launched.
Property Master uses a unique database and sophisticated search algorithms that have been designed with the sole purpose of meeting the requirements of buy to let landlords. The online mortgage brokerage service claims to enable the UK’s 2 million private landlords to take control of their portfolio financing online for the first time. Currently, there are no other options available to manage this on the internet.
The key benefit to the platform is that it enables landlords to carry out simple ‘what if?’ searches to find and apply for a mortgage online with just one click. According to Property Master, this tool could potentially save them up to £3,000 per buy to let mortgage. Savings like this could be crucial to some landlords in today’s climate, as they increasingly feel the squeeze from a surge in regulation and punitive tax measures.
Property Master marks the latest offering in a surge of products in the burgeoning PropTech sector. Already, online brokers such as Trussle and Habito are entering the mortgage market, whilst hybrid agency Purplebricks is making inroads amongst traditional agents.
CEO of Property Master, Angus Stewart, commented on the new product and its place in the market, saying: ‘Landlords have had a raw deal in the past year or so due to tax hikes and regulatory pressure. Property investors tend to assume they are getting a good deal, but actually they are paying as much as £3,000 a year more than they need to on each property. Taking control of financing is essential for landlords, as the government continues to put a tighter squeeze on tax relief and other allowances. Having the right mortgage deal in place, and taking the time to think through the overall portfolio finance, can make all the difference to a landlord’s financial return.’