Metro Bank will apply the revised underwriting standards to its portfolio buy-to-let business when the Prudential Regulation Authority (PRA) underwriting standards come in on 30 September.
Landlords with four or more existing buy-to-let mortgages will need to supply additional information when applying for either a retail or commercial portfolio buy-to-let 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 buy-to-let property within the past 12 months they will also need to provide business plan.
Charles Morley, director of mortgage distribution at Metro Bank said: “We remain committed to the buy-to-let 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.”
