Metro Bank, the revolution in British banking, is pleased to announce that it will apply the revised underwriting standards to its portfolio buy-to-let (BTL) business when the Prudential Regulation Authority (PRA) underwriting standards come in on 30 September.
To comply with the new requirements, 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, including providing a portfolio schedule, an assets and liabilities schedule, a cash flow and bank statements covering the previous three months. If the borrower has not purchased a BTL property within the past 12 months they will also need to provide business plan. The new documents will be available on our website by 30 September.
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.”