Barclays wants to be the best Buy to Let lender you do business with.
Back in September, they reaffirmed their full commitment to the BTL market by accepting portfolio landlord applications.
These applications require a specialist underwriting approach. Attached and below are some top tips that are suggested you follow to ensure you receive efficient application processing for your clients.
- Fully complete and sign our Property Schedule Form (attached); and remember, Barclays don’t need separate business plans or cash flow forecasts;
- Remember to send the AST for the subject property;
- For expired AST’s, Barclays need confirmation that the tenancy has continued unless bank statements show continued rent credits;
- Fully disclose all commitments accurately for all residential and BTL mortgages;
- Remortgage Applications: don’t include rent from the subject property in total rental income as it is already accounted for.
Please be aware that due to the additional underwriting assessment checks required, Barclays will start publishing a separate current assessment time for this type of application on their intermediary website in the coming days.
