Metro Bank has announced that it will implement revised underwriting standards on its portfolio buy-to-let (BTL) products.
The challenger bank will be incorporating the changes required by the Prudential Regulation Authority (PRA), which come into effect on 30th September.
Landlords with four or more existing BTL mortgages will need to supply additional information when applying for either a retail or commercial portfolio BTL product.
This includes providing a portfolio schedule, an assets and liabilities schedule, cash flow and bank statements covering the previous three months.
Borrowers who have not purchased a BTL property within the past 12 months will also need to provide a business plan.
Charles Morley, director of mortgage distribution at Metro Bank, 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.”
Early this week, Hampshire Trust Bank released a new suite of documentation for brokers ahead of the PRA-regulated changes.
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