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The buy-to-let enquiries where we are seeing the highest demand are ex-pat landlords, special purpose vehicle (SPV) limited company mortgages and portfolio landlords. On 1st October 2017, the Prudential Regulation Authority (PRA) is imposing a large change to the sector which will significantly affect smaller landlords. Lenders will treat clients who hold four or more properties in their portfolio as professional portfolio landlords.
Lenders are starting to show their hand and confirm how professional landlords will be underwritten from October. It is clear that the underwriting process will be a lot more stringent and there will be a need for more documentation and affordability assessments.
This is not the first time the PRA has tried to curb lending in the buy-to-let sector after it imposed stringent affordability checks earlier this year. Brightstar experienced a surge in demand for landlords looking to get loans before the PRA rules came into force in January.
It is definitely a good time for brokers to form and strengthen relationships with Brightstar so they are able to fully utilise our services to help navigate the flurry of changes the sector is going through.
