Tag: Portfolio Landlords

Specialist buy-to-let mortgage lender, Landbay has partnered with the Sesame Network and PMS Mortgage Club to provide mortgage brokers and their landlord clients with access to its specialist lending products.

Available in Scotland from today, Paragon’s portfolio range is designed for landlords with four or more mortgaged properties, as well as those operating in limited companies and limited liability partnerships.

All of Hinckley & Rugby’s current products will be available to portfolio landlords from Monday July 2.

Paragon’s PRS Trends research found this contrasts with non-portfolio landlords, where a majority (67%) said that there had been no change in lender choice.

The product is available to 70% LTV, offers £500 cashback following completion of the loan and has a 1% arrangement fee.

The Prudential Regulation Authority (PRA) regulation means borrowers with four or more mortgaged properties will be classified as portfolio landlords and subject to the new standards, like submitting a forward-looking business plan.

Some lenders are not overly keen to continue lending in this space.

The PRA underwriting standards will mean more stringent affordability assessments across the market and lenders will need to apply a specialist underwriting approach.

Buy-to-let lending figures do not necessarily take into account the value of product transfer business which increasingly lenders are paying for.