At the end of September 2017 new guidelines were issued by the PRA requiring lenders to adopt a specialist approach when underwriting applications from portfolio landlords, defined as those with four or more distinct mortgaged buy-to let-properties.
In addition to standard search criteria, the Buy to Let Calculator and Rate Finder can be used to identify products for more complex borrowing scenarios including HMO properties and products for landlords using limited companies as the borrowing vehicle.
Jeni Browne, Sales Director at Mortgages for Business, said: “Our BTL calculator is used several thousand times a week which shows that investors like to do their own research before consulting a broker. We feel it’s imperative that portfolio landlords can identify the rates that are available to them – currently around two-thirds of all buy-to-let products."
