Following PRA guidelines released in September 2017 a portfolio mortgage is a new specialist option for portfolio landlords It’s been set up specifically for property investors who own 4 or more properties.
If you fall into this bracket and are either looking to add to your portfolio or change lenders we can offer you professional and expert advice and support regarding the guideline changes. In response to the guidelines, some lenders have tightened up their affordability tests. This will make it more challenging for existing landlords to grow their portfolio or new landlords entering the portfolio marketplace. It will be imperative to have your finances in order.
Each lender will have their own requirements and systems for receiving and processing portfolio mortgage applications. Some have set up a portfolio team to deal with the changes. Documents that may now be required by the lenders include:
We can help you with all of this and navigate you through the pool of lenders to suit your circumstances.
In some cases yes. For example, some lenders are streamlining the process by requesting further information up front from applications rather than it remaining at the mortgage broker stage. This means that although this all needs submitting up front, further property purchases can be (in theory) quicker to process as the lender can refer to the initial application for certain information to qualify the applicant. Please note that there may be time limits on this process e.g. 6 months.
Our team are fully trained in all aspects of buy to let mortgages. A key part of our service is being able to provide our customers with up to date information on lending guidelines and regulation changes. We speak ‘portfolio mortgage’ with ease and will confidently guide you to the right lender to help you grow your portfolio.
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At Bradgate FS we aim to make choosing and applying for a mortgage, protection, or insurance as stress-free as possible.