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.
- 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 80% 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:
- Latest bank statement
- Proof of income
- Rental bank statement for the last 3 months
- A completed Portfolio Landlord Declaration Form (this can be completed by the broker or the landlord)
- Required documentation, which is listed in our Application Requirements Guide
In more complicated cases, we may ask for additional information, such as a cash flow.
For more information, contact your dedicated BDM.
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.