Let's ease the pressure

Portfolio Landlords

What you need to know

 

Following the new underwriting standards introduced for Portfolio Landlords in September 2017 we understand the pressure you may be facing when trying to place rental mortgages.

That’s why we improved our criteria and service proposition to give Portfolio Landlords more options and greater flexibility, and made the application process smoother for intermediaries.

Our criteria

  • Maximum portfolio size of 10 mortgaged rental properties (including all lenders).
  • Up to 4 of these properties can be mortgaged with Leeds Building Society, whether Buy to Let, Holiday Let or a mixture of both.
  • Minimum 140% Interest Coverage Ratio (ICR).
  • A stressed interest rate of 5.5% for purchase and capital raising remortgages and 5% for like-for-like remortgages is used to calculate affordability.
  • Maximum 70% Loan to Value (LTV).

An even better service

As part of our commitment to Buy to Let lending, we have a dedicated Buy to Let, Holiday Let and Portfolio Landlord team of specialist underwriters, who assess each case individually to make sure the process is smooth and straightforward.

We also have an interactive submission form for all Portfolio Landlord cases and have provided underwriter training to our BDMs to provide assistance when it’s needed.

The documentation we'll need from your client

When applying for a Buy to Let mortgage, portfolio landlords will need to provide:

In more complicated cases, we may ask for additional information, such as a cash flow.

For more information, contact your dedicated BDM.

How to apply

Step 1Submit an online Decision in Principle in the usual way. If you're not already registered with us you can do so on our website.

Step 2: Submit a full application including the portfolio landlord declaration form. You’ll need Adobe PDF Reader to complete the form which you can download for free from their website www.adobe.com.

Step 3: Check our current service levels to see approximately how long it will take for your case to be processed. On a small number of applications additional information may be requested. 

 

 

Please note:

Leeds Building Society only accepts mortgage applications from intermediaries where they are providing an advised sales service, with the exception of Buy to Let & Holiday Let applications. It is the responsibility of the intermediary to ensure that all applicable law including, without limitation, the Financial Conduct Authority rules on advised mortgage sales are complied with including, without limitation, the provision of adequate explanations.