A portfolio landlord is a landlord with 4 or more mortgaged buy to let properties.
Minimum ICR on properties being financed by the Society:
• Re-mortgage no capital raising: Rental cover 125% of pay rate
• Re-mortgage capital raising and new BTL: Rental cover 140% of either pay rate +2% or 5.5%, whichever is higher
• 5 Years fixed rate: Rental Cover 140% of pay rate
All other BTL assets in the portfolio (not financed by the society) must meet rental cover of at least 125% of pay rate both individually and collectively.
The Society will lend up to a maximum of 10 properties in aggregate but with a maximum exposure of £1.5m to any individual
Maximum LTV is 75% on each property (this includes any fees to be added)
Each case will be individually assessed by an underwriter and exceptions to the above considered on a case by case basis. This will be dependent on the borrower having alternative sources of income to support shortfall from operating cash flow.
At FMA stage we will require four additional documents to be completed and uploaded onto the case.
These documents can be found below: