There will be no changes to LTV limits, maximum loan size or minimum income criteria for portfolio landlords, while stress rates and the number of properties accepted will remain the same.
All portfolio cases will require the landlord to complete a personal assets statement which the underwriter will assess when making a lending decision. All background properties must collectively meet a minimum rental calculation of 135% ICR at a stressed rate of 5%. No limits will be placed on the LTVs of background properties.
Chris Maggs, Accord Buy To Let’s Commercial Manager, said: “We’ve tried to ensure our portfolio lending criteria is as simple and straight forward as possible. Once an application has been submitted one of our underwriters will call the broker to discuss the case so any concerns can be addressed from the outset. The underwriter will take responsibility for that case through to the mortgage being offered.
“After a broker submits an application our decision in principal will guide them through a set of questions to determine if the case is deemed as a portfolio landlord according to our specifications. Our website will also have clear information and FAQs.
“We feel our portfolio landlord lending criteria is transparent and reflects the size of portfolios we accept, and will continue to provide a smooth application process for both brokers and their clients."
