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.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Handelsbanken names new head for northern UK arm
Ingela Forsberg is set to become the new head of Handelsbanken Northern UK.
Tesco Bank expands mortgage intermediary panel
Tesco Bank has added Sesame to its mortgage intermediary panel.
Emma integrates with Monzo
Emma Technologies has integrated with mobile bank Monzo as it makes its first Open Banking partnership.
Commercial mortgage brokers positive despite Brexit concerns
Almost four-fifths of commercial mortgage brokers (78%) said they felt confident about the lending environment in 2018, up from 72% in 2017, according to new research.
Metro Bank names new commercial banking director
Metro Bank has appointed Jamie Sim (pictured above) as a commercial banking director within the commercial real estate team.
The launch of Open Banking
The launch of Open Banking at the weekend is clearly an important milestone in opening up the UK retail banking industry to much-needed competition.
Aldermore appoints specialist vehicle valuations head
Tim Bearder has joined Aldermore as its new head of specialist vehicle valuations.
Millennial banking app secures FCA approval
Emma Technologies Ltd has received approval from the FCA.
Open Banking goes live: industry reacts
The launch of the Open Banking scheme last week has presented many opportunities, but as one bank has stated, data sharing alone will not revolutionise the market.
EIB and Bankia to allocate €800m to SMEs and mid-cap projects
The European Investment Bank (EIB) has agreed a €400m loan with Bankia which will provide finance for Spanish SMEs and mid-cap (up to 3,000 employees) projects.