LSL Property Services, which owns Your Move and Reeds Rains lettings and estate agencies, is investing in an online buy to let mortgage start-up.
A subsidiary of LSL, First Complete, is buying a minority stake in Property Master.
This start up offers an alternative in the traditional mortgage market by using algorithms to match landlords’ funding requirements to over 90 prospective lenders who offer in excess of 2,000 different BTL mortgage products.
Since Property Master’s launch four months ago over 7,000 landlords have made use of its services with - the firm claims - a typical remortgage saving individual landlords over £1,800 per annum against their current outgoings.
David Copland, director of mortgage services at LSL, says: “We recognise the structural changes occurring within the mortgage industry and see Property Master’s technology as a key enabler of future change.”
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