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Lender Updates on PRA Changes

Accord – View

 

Aldermore – View

 

Axis Bank – View

 

Bank of Ireland – Max portfolio of 3 buy to let properties.

 

Barclays – View

Barclays has stated in a recent press release,“We already assess buy-to-let affordability by carrying out a complete affordability assessment.

“This means minimal change to our existing application process or criteria for landlord customers who have four mortgaged rental properties or more.”

From 19 September the lender will ask for a property schedule to be completed, containing extra information for its underwriters.”

 

Bluestone Mortgages – Max portfolio of 3 buy to let properties with Bluestone Mortgages.

 

BM Solutions – View

 

Buckinghamshire – Max portfolio of 3 buy to let properties and 1 residential.

 

The Cambridge Building Society – Limit of five buy to let mortgages with The Cambridge which must not exceed £2,000,000 of borrowing. View

 

Clydesdale Bank – View

 

Coventry – View

 

Darlington Building Society – Max portfolio of 3 buy to let properties.

 

Dudley Building Society – Max portfolio of 3 buy to let properties.

 

Family Building Society – View

 

Fleet Mortgages – Not subject to PRA jurisdiction, so lending policies will remain the same.

 

Foundation Homeloans – View

 

The Hanley Economic Building Society – Max portfolio of 3 buy to let properties.

 

Ipswich – Max portfolio of 3 buy to let properties.

 

Interbay – View

 

Investec – Max portfolio of 4 buy to let properties.

 

Kensington – View

 

Kent Reliance – View

 

Keystone Property Finance – View

 

Leeds Building Society – View

 

Leek Building Society – View

 

Mansfield Building Society

Mansfield Building Society has stated in a recent press release, “The Mansfield Building Society has announced the approach it will take to portfolio buy-to-let after the PRA brings in new underwriting standards from 30 September.

Portfolio landlords will be required to provide an assets and liabilities statement and a detailed schedule of all properties and loans outstanding.

Mansfield will use a stressed interest rate of 5.5 percent, or 2 percent above pay rate, whichever is higher.

The interest coverage ratio will now be calculated at 125 percent for business buy-to-let for basic rate taxpayers.”

 

Melton Mowbray Building Society – Max portfolio of 3 buy to let properties and 1 residential.

 

Metro Bank – View

Metro Bank has stated in a recent press release, “The challenge bank says it will apply the revised standards to its portfolio buy-to-let business.

Under the new rules, landlords with four or more buy-to-let mortgage will need to supply additional information when apply for a BTL product.

It includes providing cash flow details and bank statements and an assets and liability schedule. Landlords who have not purchased a property within the past 12 month will also need to supply a business plan.”

 

Mortgage Trust – Max portfolio of 3 buy to let properties.

 

New Street – Updating proposition on 27th September and will lend to landlords with a maximum of 10 properties overall. Exposure will be limited to £2m.

Introduced new Business Plan template and Portfolio Summary template.

 

Nottingham – View

 

Paragon – View

 

Pepper Homeloans – View

 

Platform – Max portfolio of 3 buy to let properties.

 

Post Office – Max portfolio of 3 buy to let properties across the board.

 

Precise Mortgages – View

 

Principality – Max portfolio of 3 buy to let properties and 1 holiday let.

 

RBS – View

 

Saffron – View

 

Santander – View

 

Shawbrook – Guidelines on Shawbrook’s stance on the PRA changes

Non–portfolio vs portfolio requirements

 

Skipton Building Society – View

 

Stafford Railway – View

 

Teachers Building Society – View

 

Tipton & Coseley – View

 

TMW – View

 

Vida Homeloans – View

 

Virgin Money – Max portfolio of 3 buy to let properties.