What is a buy-to-let portfolio landlord?
A portfolio landlord is a defined as someone who has four or more distinct mortgaged buy-to-let properties either together or in aggregate.
Following a review of the buy-to-let market by the Prudential Regulation Authority, the regulator has set its expectations of firms’ underwriting standards it requires lenders to apply.
Banks and building societies will need to carry out affordability assessments to take into account the borrowers costs, including tax liabilities, verified personal income, and potentially the effect of future interest rate rises.
Aaron Strutt, product director at Trinity Financial, says: “Some lenders will want to know about your property investment experience and potentially details about the cash flow from your property portfolio.”
The deadline for lenders is September 30 although NatWest and BM Solutions have already introduced the new rules. BM Solutions has announced its plans for landlords, while Platform has stopped providing portfolio landlord mortgages.
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