In line with the new rules, we will now require the following documents from Portfolio Landlords for all mortgage applications:
- Business Plan
- Assets and Liabilities statement
- Cash flow statement
Template documents have been created to simplify the submission process, and are available to download now from our website.
It’s also important to know that any portfolio that is not currently with Kent Reliance will be subject to an interest rate stress test of 5%, and will need to meet or exceed an ICR of 125%.
Online Portfolio Submission Platform
As part of the new rules, we will also require details of the borrower’s wider Buy to Let portfolio. To enable this, we have created a new Portfolio Submission Platform – developed by software developers eTech – to upload information for your Portfolio Landlord cases. This can be accessed via our website.
Please register now with eTech so that you are able to use the Submission Platform when the changes begin on 1 October 2017.
You will be sent an authentication email once you have registered, and must click the provided link within two hours to confirm your registration. If not, you will need to start the registration process again.
Pipeline application dates
Brokers
All applications with fees must be submitted and at a case status of ‘Full Application Submitted’ by 30 September 2017.
Packagers
Please ensure that applications are fully packaged (excluding valuations) and be at a case status of ‘Full Application Submitted’ by 30 September 2017. Outstanding Valuations must be received by 13 October 2017.
Please note that cases submitted after 30 September 2017 will be assessed using the new criteria.
Please provide the following documentation for all applications
- Signed applicant declaration
- Signed insurance declaration
- Buy to Let property schedule (available from our website)
- Fully completed Direct Debit Mandate
- Proof of income
If these documents are not supplied this will lead to a delay in assessing your client’s mortgage application.
For more information, please contact your Business Development Manager.
