From the 1st October, after the introduction of stricter affordability tests for all Buy to Let Landlords mortgages at the beginning of the year, the latest set of requirements from the Prudential Regulation Authority are targeting loans to portfolio landlords with four or more mortgaged buy-to-let properties. These rules mean that mortgage lenders will have to undertake a full assessment of the entire property portfolio rather than just analysing the single property deal relating to the individual mortgage.
This new regulation has painted a worrying picture for Buy to Let portfolio owners. Threats of lenders pulling out of the mortgage market, complicated assessments leading to longer application times, increased fees due to increased complexity are all real consequences of the changes, however Private Finance are here to look after these worries and make the process as simple and straightforward as possible.

Given the arrival of the changes in the next 2 weeks, Private Finance Managing Director Simon Checkley has the following counsel,
“Our experienced and knowledgeable brokers will guide you through the new requirements for the lenders and help get your paperwork in order. This is likely to include a property schedule detailing addresses, values, rental income and mortgage arrangements, the last couple of years’ tax returns and details of any other assets and liabilities you hold, but our brokers will help you every step of the way.
Our expertise and close relationships with the mortgage lending market means that we already have insight into the new requirements of each lender and will be able to lead you through the application procedure smoothly. We will always ensure we negotiate the best possible terms for your case and advise you at every stage of the process.”

If you are interested in more information about Buy to Let Landlord Mortgages feel free to contact us!
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