Aldermore will move to an open panel approach for specialist landlord conveyancing, which the lender says gives brokers greater flexibility to appoint solicitors for more complex buy-to-let deals.
The firm adds intermediaries can appoint their own conveyancer as long as they are registered on its online onboarding portal, called Lender Exchange.
The lender says that conveyancers should also meet the following criteria:
- Have a minimum of two solicitors regulation authority approved managers or two Council for Licensed Conveyancers authorised managers
- Minimum professional indemnity insurance cover of £2m
- Solicitors must have conveyancing quality scheme accreditation
Aldermore head of mortgages Jon Cooper says: “An open panel approach is a popular option for brokers, giving them the flexibility to use conveyancers of their choice.
“Yet many lenders do not have the capabilities for specialist BTL lending, due to the complexity of these deals.
“At Aldermore, we are committed to serving the underserved and often overlooked borrowers, and our open panel approach will further strengthen our offering, helping landlords realise their property investment goals.”
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