Leeds Building Society has made a statement about how they long with all other major high-street lenders will prepare for buy to let lending criteria changes, and how it will affect the brokers they work with, and how they plan to offer support so brokers can absorb the changes.
They will have a team of underwriters devoted to support portfolio buy to let lending and underwriting training for all personnel involved in the process along with revised procedures to make easier to comply with the changes when submitting a buy to let application.
Leeds Building Society has produced a webpage specifically for intermediaries, ready for the new Prudential Regulation Authority (PRA) rules changes.
‘We want to reassure our broker partners that we remain committed to supporting landlords and the buy to let market and have been preparing for some months to be ready for these changes,’ said Jaedon Green, Leeds Building Society’s director of product and distribution.
‘Our aim is to make our buy to let proposition as straightforward as possible and ensure our service supports brokers and is user friendly. We’ve refined our criteria since the start of this year and strengthened both our underwriting and intermediary teams, with extra specialized training to cover these latest changes,’ he pointed out.
‘Now, by creating a dedicated portfolio buy to let page on our intermediary website, with a new declaration form and step by step guide for submitting portfolio business, we’re making the process as simple as we can,’ he added.
Prudential Regulation Authority defines a portfolio investment landlord as someone who has four or more mortgaged properties.
Leeds Building Society said that the changes will only affect a small number of those who make applications, and only a minority of cases will need to provide additional information such as cash flow.
If you are a buy-to-let landlord with current UK property investments are getting tired of all these rule changes, making it harder and harder to make a viable return, and would like to look at alternatives to buy to let investments then visit www.devdosh.com today.