All applications will continue to be submitted online via the BM Solutions mortgage application system, with no apparent change to its process. However, portfolio applications will require brokers to provide additional information including proof of income and supporting documentation.
The PRA underwriting requirements set out in September 2016 expect lenders to underwrite the full portfolio in its entirety and understand business plans, cash flow, and personal affordability.
From 21 August, the lender is inviting brokers to attend its national broker workshop programme, which aims to help intermediaries with the changes allowing them to communicate better with customers, said the lender.
Last year its workshop programme reached more than 5,000 mortgage brokers UK-wide on the tax and affordability assessment changes ahead.
Phil Rickards, head of BM Solutions, (pictured) said: “A continuous wave of changes in the past few years has led to added layers of complexity in the buy-to-let market.
“We have worked hard to keep our ethos of making things simpler, and while the new PRA standards will require some more information at the time of application, I’m confident that our new proposition will support brokers to continue writing good quality portfolio business, backed by the award-winning service on which we remain focused.”
To book a place at the workshops, advisers should contact their local business development manager.
Rickards added: “Being able to support both small and portfolio landlords with our tailor-made proposition is a key part of our ongoing commitment to the market.”