Aldermore has made new documents available to brokers and landlords in advance of the upcoming PRA buy-to-let underwriting standards, so that they have knowledge of what will be required.
Documents required for portfolio Buy-to-Let applicants:
- Business Plan and Portfolio Schedule – both documents need to be completed for all portfolio landlord applications
- Cash Flow Forecast and Statement of Assets and Liabilities – both documents need to be completed (in addition to Business Plan and Portfolio Schedule) if the portfolio landlord client has 11 or more mortgaged properties with Aldermore at completion
Other checks will include portfolio affordability testing, rental income validation by postcode, and where personal income is used, assessment of living costs and essential expenditure.
Charles McDowell, commercial director, mortgages, at Aldermore, said: “We recognise there are big changes afoot and as a business we have focused our attention on ensuring our brokers are best placed to meet these required changes. We want to give them and their portfolio landlord clients as much time as possible to understand what is required in light of the new rules which is why we have published these new documents ahead of the deadline to give them this peace of mind.
“As an industry, we need to constantly work to reduce administrative burden, to ensure we are freeing up brokers to add value to their clients. Our templates are easy to use and should make it straight forward for brokers to submit the required information. That being said, we will not be requiring brokers to use our templates providing they are able to give us the information we need.
“We want to assure our broker partners that we remain committed to the buy-to-let market by doing everything we can to support portfolio landlords when the changes are implemented.”