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.
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...