Precise Mortgages, the specialist lender, is helping brokers prepare for the Prudential Regulation Authority’s (PRA) upcoming portfolio landlord changes by launching its portfolio proposition online.
The lender has published new documents and the process brokers will need to comply with after the PRA’s changes come into effect on 30th September.
Once the changes are implemented, Precise Mortgages will require brokers to submit a business plan, an assets and liabilities statement, and details of their customer’s residential property portfolio.
Brokers will not need to key the additional information into the system. The heavy lifting will instead be done by a dedicated portfolio team Precise Mortgages has set up to ensure brokers are affected as little as possible by the changes.
Managing Director Alan Cleary said: “We’re giving brokers a head start by making our forms accessible more than a week before the PRA’s new underwriting standards for portfolio landlords come into force.
“It means brokers can start collecting their customer’s information in advance and be ready in plenty of time. Once the portfolio team has input the information into the system, it will remain valid for six months making future applications even more straightforward.”
Precise Mortgages’ portfolio landlords criteria highlights include:
- Up to 20 buy to let mortgages with Precise Mortgages up to a combined maximum of £5m. Unlimited with other lenders.
- No limit on size of existing portfolio.
- Licensed and unlicensed HMOs accepted up to 8 bedrooms with separate ASTs.
- No limit on the number of director dependant shareholders under the age of 25 on Limited Company applications.
- Bespoke ICR calculations on new applications to reflect the landlord’s tax position.