On 28 August 2017 we will re-launch our Mainstream and Buy to Let mortgage ranges for both New Business and Product Switching – see details below. We will also implement a key change to our Buy to Let criteria.
Platform Portfolio Landlord criteria change
As part of the PRA supervisory statement SS13/16 – Underwriting standards for buy-to-let mortgage contracts, lenders must ensure the rules in the statement are in place by 30th September 2017.
A key regulatory item which needs to be implemented is in connection with lending to Portfolio Landlords. A Portfolio Landlord is defined as the following: ‘The PRA considers that borrowers with four or more distinct mortgaged buy-to-let properties, either together or separately, in aggregate, should be treated as ‘portfolio landlords’.
The Co-operative Bank has made the decision not to lend to Portfolio Landlords based on the PRA definition of holding four or more buy-to-let properties (mortgaged or unmortgaged). The Bank will therefore no longer lend to individuals who own/or will own more than 3 BTL properties including the application security, as these applicants will be classed as Portfolio Landlords.
Pipeline cases will not be affected by the change and applications received by 25th August will be honoured. The BTL criteria change will be effective from Monday 28th August 2017. The ‘Click’ system will be updated to reject Portfolio Landlord applications at initial input stage.
Platform Product Changes effective 28 August
New Business
Mainstream:
- Selected 2 and 5 year fixed rates at 60%, 70% and 75% LTV reduced by up to 0.10%
New product codes will be issued for all products and end dates extended to 30 November
Buy to Let:
- BTL rates remain unchanged
New product codes will be issued for all products and end dates extended to 30 November
Exclusives
• There are no exclusives as part of this product launch
Product Switching
Mainstream:
- Selected 2 and 5 year fixed rates at 60%, 70% and 75% LTV reduced by up to 0.10%
New product codes will be issued for all products and end dates extended to 30 November
Buy to Let:
• BTL rates remain unchanged
New product codes will be issued for all products and end dates extended to 30 November
Pipeline deadlines
Clickdecision and KFIs
Products will be withdrawn from our website and all sourcing systems at 5pm 26 August 2017.
Applications
Applications must be received at Platform by 5pm 26 August 2017. Applications must have a click decision. All applications must be accompanied by all items on our shopping list.
New products will be available from 28 August 2017.
Please find updated product guides attached
