With PRA guidelines on lending to portfolio landlords coming into force at the end of the month, there has been a slew of announcements from buy to let mortgage lenders describing how they intend to comply.
The latest lender to do so is Metro Bank, which will collect additional information from applicants with four or more buy to let mortgages. This will include portfolio schedules, statements of assets and liabilities and cash flow and bank statements for the previous three months. Borrowers that have not made a buy to let purchase in the past twelve months will also be asked for a business plan. Documents to provide this additional information will be available to download from the Metro Bank website ahead of the deadline.
Charles Morley, Director of Mortgage Distribution, said “We remain committed to the BTL portfolio market and the small number of changes announced mean brokers and landlords can feel rest assured that the simple and straightforward application process that they’ve come to expect with Metro Bank, will continue.”
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