Business as usual for portfolio landlords

It will be business as usual for the portfolio landlord applications we receive, even with the forthcoming Prudential Regulation Authority (PRA) changes which come into force on 30 September 2017.  

The PRA changes mean that portfolio landlords with four or more mortgaged buy-to-let properties will need to provide an assets and liabilities statement, together with a detailed schedule of all properties and loans outstanding to their lenders. 

As our existing application process and criteria already requires this information, we do not foresee any change in our normal processing times or service levels once the PRA changes are in force.   

Additionally:

• We will consider landlords with up to ten properties
• We will consider using surplus personal income to supplement the rent within our affordability testing
• BTL applications are accepted for both purchase and remortgage

For all BTL applications the property must be located in the following postcode areas:

• AL, BA, BH, BN, BS, DT, EX, GL, GU, HA, HP, HR, KT, LU, MK, NN, OX, PO, RG, RH, SG, SL, SM, SN, SP, SO, TA, TW, UB, WD, WR
• We will also consider properties in London and the surrounding area in the following postcodes (excluding Ex Pat BTL): WC, EC, E, SE, N, NW, W, SW. However these postcodes are restricted to 60% LTV.

For more information, or to talk through a potential enquiry, please call or email us.