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Shawbrook and Together make broker pledge on portfolio rules

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  • 21/06/2017
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Shawbrook and Together make broker pledge on portfolio rules
Specialist mortgage lenders Together and Shawbrook have pledged to improve communications to brokers about changes to portfolio landlord applications from 30 September.

The lenders made the promise at the National Association of Commercial Finance Brokers expo in Birmingham, during a buy to let panel debate.

Marc Goldberg, commercial CEO of Together, (pictured) said the company was investing heavily in the automation of its portfolio proposition and planned to launch new systems next week.

The specialist lender has also been holding workshops for its introducers to educate them on the regulatory changes.

 

Ready to cope

Lenders on the panel, which included Adrian Maloney, sales director for Kent Reliance, said they were ready to cope with the Prudential Regulation Authority’s (PRA) new underwriting requirements, although details of how they would underwrite them have yet to be released to brokers.

Karen Bennett, sales and marketing director of Shawbrook Commercial, said its criteria for portfolio buy-to-let lending remained the same and could be found on its website.

However, she agreed with Goldberg that communication with brokers on how this would be applied could be improved and promised to take that message back to her team.

 

Fast-approaching

The PRA has defined portfolio landlords as those who own four or more mortgaged buy-to-let properties and from 30 September, mortgage applications received from portfolio landlords will be treated as commercial transactions and will be subject to specialist underwriting.

Despite the deadline fast-approaching many lenders have yet to confirm if they plan to remain lending to portfolio landlords and those that have, have not explained to brokers what information they will require from their landlord clients to support the application.

In May, Specialist Lending Solutions urged lenders to tell brokers what they needed to know to submit buy-to-let portfolio business to them, by the summer.

However, more than a month on The Mortgage Works is the only lender which has released general information about its underwriting requirements.

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