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Metro Bank reveals portfolio lending requirements

  • 20/09/2017
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Metro Bank reveals portfolio lending requirements
Metro Bank will continue to service the portfolio buy-to-let market by applying the Prudential Regulation Authority (PRA) underwriting changes at the end of the month.

The lender confirmed that to comply with the new requirements, landlords with four or more existing buy-to-let mortgages will need to supply additional information when applying for either a retail or commercial portfolio buy-to-let product.

These additional requirements include:

  • providing a portfolio schedule;
  • an assets and liabilities schedule;
  • a cash flow and bank statements covering the previous three months.

Also, if the borrower has not purchased a buy-to-let property within the past 12 months they will need to provide a business plan.

Metro Bank said the new documents would be available on its website by 30 September.

Director of mortgage distribution Charles Morley (pictured) added: “We remain committed to the buy-to-let portfolio market and the small number of changes announced mean brokers and landlords can feel rest assured that the simple and straightforward application process that they’ve come to expect with Metro Bank, will continue.”

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