Legal & General Mortgage Club has updated its ‘Buy to Let Matrix’ to include lending criteria on buy-to-let portfolios ahead of the Prudential Regulation Authority (PRA) changes which will come into effect on 30th September 2017.
The matrix now includes details on which lenders will accept portfolio landlords and limited company buy-to-let, before the changes to portfolio landlord underwriting standards are introduced. This helps to better support clients with long-term planning and provides clarity to brokers.
Jeremy Duncombe, Director of Legal & General Mortgage Club, said: “There have been several structural changes within the buy-to-let market during the past year, and in September the market will face further changes to portfolio landlord underwriting standards.”
L&G Mortgage Club’s ‘Buy to Let Matrix’ will be updated on a regular basis and when lenders announce their position.
Duncombe hopes that the latest update will encourage more lenders to state their position as soon as possible as it will enable advisers and their clients to prepare for these changes.
He added: “The matrix has now been updated to include the latest information on lenders which have set out on their position, allowing brokers to familiarise themselves with any new criteria. Lenders are now beginning to communicate their stance on this change before the rules come into effect, and this transparency is welcome.”