The Northview Group has announced changes to its portfolio buy-to-let lending criteria for its Kensington and New Street Mortgages brands.
Kensington will update its proposition from 28 September, and will not restrict the total number of properties held in a portfolio, but limit its own exposure to £2 million. New Street will launch its revised proposition on 27 September and will lend to landlords with a maximum of 10 properties overall, but will limit its own exposure to £2 million.
Both will offer a standard rental cover from 125% at 5.5% assessment rate, with lower assessment rates offered on its five-year fixed products, starting from 4.5%. Current criteria for landlords with three or fewer properties will remain unchanged.
They will both require more information on the portfolio via the completion of a portfolio summary, outlining all portfolio properties and a business plan, which outlines the landlord’s plans for the portfolio.
Steve Griffiths (pictured), director of sales and distribution at the Northview Group, said: “These latest changes from the PRA form part of a wider regulatory update to the buy-to-let market. Whilst the portfolio landlord sector is increasingly complex, there are many landlords out there that continue to require support from lenders for their buy-to-let plans.
“With over 15 years of experience in the buy-to-let sector, the group’s brands are there to support professional landlords following the PRA’s changes. This newly updated proposition reflects that commitment to both parts of this market, those with fewer properties and the experienced professional landlords that want to build on their existing portfolios.”