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Portfolio Lending Criteria from Kent Reliance

21 August 2017

Kent Reliance for Intermediaries logo

Kent Reliance have announced their new criteria, accommodating the Portfolio Landlord changes, which will commence from 1 October 2017. The criteria will apply when brokers are submitting cases for Portfolio Landlords, who can be identified as any borrower with four or more mortgaged properties. This includes those that are applying for a fourth mortgaged property, or those looking to re-mortgage one of their existing four properties.

In line with the new rules, they will require the following documents from Portfolio Landlords for all mortgage applications:

  • Business Plan
  • Assets and Liabilities statement
  • Cash flow statement

Template documents have been created to simplify the submission process, and are available to download now from their website.

They will also require details of the borrower’s wider Buy to Let portfolio, which they will assess as part of the underwriting process.

It’s also important to know that any portfolio that is not currently with Kent Reliance will be subject to an interest rate stress test of 5%, and will need to meet or exceed an ICR of 125%.

Submitting portfolio information

As you may know, brokers will be able to submit Portfolio Landlord information via their new submission platform, which is currently being developed with their partners at eTech. The platform has been designed to offer brokers one, straightforward online solution for providing important information relating to their customers’ cases, and can be accessed via their website.

For more information about their new lending criteria and the upcoming PRA changes, please contact your Business Development Manager.

For details of all lenders and where they stand on Portfolio Lending take a look at our Matrix here.

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