In 2016 and 2017 there’ve been a lot of changes to the buy to let (BTL) market. Leeds Building Society is easing the pressure for you and your clients, with a simplified application process and updated lending criteria.
What Leeds Building Society is doing to support you:
- Increased their maximum portfolio size from 8 properties to 10 mortgaged rental properties and unlimited unencumbered
- Landlords can now have 4 rental properties mortgaged with the Society, whether they’re BTL, Holiday Let or a combination of both
- Expanded their dedicated BTL underwriting team to include specialist portfolio landlord underwriters
- Given their BDM team specific training to support you at the first point of contact
- Introduced a simple portfolio landlord application process, making it easier for you to submit business
- Created a dedicated webpage to give you all the information you need
Leeds Building Society BTL criteria:
- Up to 70% LTV
- 140% ICR
- Stress rate of 5% for pound-for-pound remortgages
- Stress rate of 5.5% for purchase and capital raising remortgages
- No minimum income (subject to assessment and affordability)
- No maximum term for assured shorthold tenancy agreement
- 140% ICR and a stress rate of 5.5% when assessing background rental properties
- HMOs are permitted with up to 5 bedrooms, and up to 2 people per room
To find out what else Leeds Building Society is doing to ease the pressure for you and your portfolio landlord clients, visit their dedicated site.
