Lettings chain Northwood launches in-house mortgage service

Lettings agency chain Northwood has launched a buy-to-let mortgage tool.

It enables landlords to research and compare a comprehensive range of products and quotes from across the mortgage market and submit an application. 

The service, which is free to use, will be available online as a link from each individual Northwood office’s homepage.  
 
The new service will be backed by a buy-to-let mortgage support team who are available via a helpline and online. They will also deal directly with the lender to ensure that the application is processed efficiently.

Northwood, which also offers a ‘guaranteed rent’ product guaranteeing fixed monthly payments to the landlord even when the property is empty, has a franchised network of over 75 offices. Over 11,000 landlords use its guaranteed rent.

Nick Cooper, managing director of Northwood, said: “The most recent statistics from the National Landlords Association revealed that 49% of landlords have experienced rental arrears in the last 12 months with the average void period lasting for 69 days – more than two months rent.
 
“Our guaranteed rent initiative effectively removes this risk and therefore gives us a unique point of difference from which to promote buy-to-let as an attractive investment opportunity for small investor landlords and first-time landlords, as it means they can rely on an income coming in. 
 
“All evidence suggests that buy-to-let is a growing market and as such we want to be in a position to provide our landlords with a full service offering that enables them to capitalise on current market conditions.”