26 July 2017
We’re pleased to let you know that Accord will remain open for business for landlords with 4 or more properties from 30 September when the FCA changes come in.
There will be some small changes for brokers already doing business with Accord Buy to Let. Here are a few points to clarify their position:
- A portfolio landlord is deemed as such if at completion of the loan they will hold 4 or more BTL properties. This includes applications in progress with other lenders at the time of application, plus any limited company BTL mortgages they may hold.
- Our background rental calculation will change from the collective rent received on all background properties meeting 125% of pay rate to 135% of 5%.
- All portfolio landlords will be asked to complete an assets statement detailing all savings.
- They’ll ask additional questions relating to future financial changes which could impact the affordability of their BTL portfolio.
For all details of lenders that have notified us of changes to Portfolio Lending visit our Matrix here.