Accord has reported that applications from landlords with four or more properties equalling a third of the total number of mortgage applications the lender received between October 2017 and March this year.
In the first six months of offering customised criteria to portfolio landlords, based on regulation changes, Accord has received a steady stream of applications averaging around 30% of all mortgage applications each month.
20% of applications were for a house purchase, which Accord says demonstrates there is appetite amongst these landlords to keep building their portfolio. The number of properties held by all portfolio applicants at Accord averages six.
The largest percentage of portfolio landlord applications were for properties in the South East (24%), and London (21%), followed by the North West which represented 10% of total applications since October.
Chris Maggs (pictured), commercial manager at Accord Buy To Let, said: “There was some trepidation about the new regulation but our application figures show that portfolio landlords are flourishing.
“Whilst the buy-to-let market is still largely focused on remortgage business, it’s positive to see landlords are still looking to expand their portfolio which will in turn help the sector to keep growing.
“Our strong lending figures are testament to the resilient nature of the buy-to-let market, and whilst initial roadblocks may be unnerving landlords can, with the help of a broker, overcome them.
“We feel that our underwriting requirements for portfolio lending are relatively simple, and both brokers and landlords have taken to them like a duck to water. Our underwriters are always at the end of a phone to help with any queries, and our Decision in Principle helps brokers to determine if a case is deemed as a portfolio landlord according to our specifications.”
