On 30 September, the Prudential Regulation Authority is implementing new regulations for portfolio buy to let lending.
A portfolio landlord is one with four or more mortgaged rental properties.
We’re changing our criteria to give portfolio landlords more options and greater flexibility, and we’re making the application process smoother for intermediaries.
These changes will apply to all new applications submitted on or after Friday 29th September.
Our improved criteria
We’re increasing our maximum portfolio size to 10 mortgaged rental properties (including all lenders).
Up to 4 of these properties can be mortgaged with Leeds Building Society, whether buy to let, holiday let or a mixture of both.
An even better service
As part of our commitment to buy to let lending, we’ve set up a dedicated buy to let and holiday let underwriting team. They assess each case individually to make sure the process is smooth and straightforward.
We’ve also developed an interactive submission form for all rental property cases and provided underwriter training to our BDMs.
The documentation we’ll need from your client
When applying for a buy to let mortgage, portfolio landlords will need to provide:
- Latest bank statement
- Proof of income
- Rental bank statement for the last 3 months
- A completed portfolio landlord declaration form (this can be completed by the broker or the landlord)
- Required documentation, which is listed in our Application Requirements Guide
In more complicated cases, we may ask for additional information, such as a cash flow.
For more information, contact your dedicated BDM.
How to apply
Step 1: Review our criteria to make sure your client’s application meets the requirements.
Step 2: Submit a Decision in Principle (DIP) online. If you’re already registered online, log in to your account and select “process a new DIP or application”. If you’re not registered, you’ll need to create an account.
Step 3: Download and complete the Portfolio Landlord Declaration Form, which will be available from the 29th September. To fill in the form on your computer, you’ll need Adobe PDF Reader, which you can download for free.
Step 4: Log in to your secure service email account and email the completed form to btlportfoliolandlord@leedsbuildingsociety.co.uk. The subject of the email should be your Application Reference Number. If you don’t have a secure service email account, you can set one up.
Step 5: Once your application has been approved (it won’t take any more than 24 hours for us to get back to you), along with the minimum required documentation, log in to your online account and select the application you’d like to progress.
