01 August 2017
In advance of the PRA’s new underwriting rules, the Coventry for intermediaries has announced how it will lend to portfolio landlords when the changes are rolled out in September.
Kevin Purvey, Director of Intermediaries says:
“We want to make sure intermediaries are fully prepared so we’re announcing our approach to portfolio landlords well in advance. The good news is that all of our existing BTL criteria will still apply to the property being applied for, such as minimum ICR, maximum number of BTL mortgages per household and LTV limit. However, there are some additional criteria that we’ll start implementing from 14 September 2017.”
A portfolio landlord is a client who has four or more buy to let mortgaged properties, either individually and/or jointly.
“The guidelines say we must apply a specialist underwriting approach, but we’ve tried to keep our criteria and our processes as straightforward as possible,” says Kevin Purvey. “And if intermediaries have any questions, they can call us on 0800 121 7788 and we’ll be happy to help.”
For the full policy and details of the application process, go to https://www.coventrybuildingsociety.co.uk/intermediaries
For details of other lenders BTL rental calculations and portfolio lending decisions check out L&G’s Matrix here.