What you need to know
On 30 September, the Prudential Regulation Authority implemented new regulations for portfolio Buy to Let lending.
A portfolio landlord is one with four or more mortgaged rental properties.
These changes apply to all new applications submitted on or after Friday 29th September.
Our improved criteria
We've increased our maximum portfolio size to 10 mortgaged rental properties (including all lenders).
Up to 4 of these properties can be mortgaged with Leeds Building Society, whether Buy to Let, Holiday Let or a mixture of both.
An even better service
As part of our commitment to buy to let lending, we've set up a dedicated Buy to Let and Holiday Let underwriting team. They assess each case individually to make sure the process is smooth and straightforward.
We've also developed an interactive submission form for all rental property cases and provided underwriter training to our BDMs.
The documentation we'll need from your client
When applying for a Buy to Let mortgage, portfolio landlords will need to provide:
- Latest bank statement
- Proof of income
- Rental bank statement for the last 3 months
- A completed Portfolio Landlord Declaration Form (this can be completed by the broker or the landlord)
- Required documentation, which is listed in our Application Requirements Guide
In more complicated cases, we may ask for additional information, such as a cash flow.
For more information, contact your dedicated BDM.
Step 2: Submit a full application including the portfolio landlord declaration form. You’ll need Adobe PDF Reader to complete the form which you can download for free from their website www.adobe.com.
Step 3: Check our current service levels to see approximately how long it will take for your case to be processed. On a small number of applications additional information may be requested.