27 September 2017
Skipton have made the following changes to their BTL criteria ahead of the introduction of the PRA rules:
- Portfolio landlords are now required to have a minimum income of £45k and rental income may be included in the total (as evidenced by SA302s). For joint applicants the main earner will need an income of £45k, which can include rental income.
- Portfolio landlord affordability is now stressed at 150% @ 5.5% (5% for 5 year fixed rate terms).
- Completion of a portfolio cash flow document is required for all cases in this category.
- They will not lend to BTL Portfolio landlords with less than 2 years previous BTL experience and all let property must be in the UK.
- A maximum total portfolio Loan to Value at point of underwriting of 75%.
- No more than three properties in any one full postcode.
- They will not lend where any BTL property is held within or part of a limited company.
They will continue to offer:
- lending up to 75% LTV on BTL properties
- lending on portfolios of up to 10 properties (maximum of five mortgaged with Skipton)
- a lower stress rate of 5% for five year fixed rate terms
- a maximum total lending of £1.5 million on all properties with Skipton
- a maximum individual loan of £750,000
- a free day one valuation on all BTL products – purchase and remortgage
- standard BTL lending stressed at 145% (@ 5.5%)
- NEW - selected BTL remortgage products with cashback instead of free legals.
For more information visit their website.