In a broker memo, mutual the Cambridge Building Society has set out its temporary closure to portfolio landlord mortgage applications, in a bid to manage its buy-to-let lending pipeline.
Last month the building society brought back top-slicing on its buy-to-let deals.
This means that it allows landlords to use their other earnings to top-up any shortfall on their rental income calculation. It defines portfolio as landlords with four or more mortgaged properties in their own names.
The last day to submit a buy-to-let portfolio landlord decision in principle (DIP) will be Thursday 11 November by 5pm. If the DIP is approved, this will be valid for 30 days.
Tracy Simpson, head of lending, said: “As a lender that offers a broad range of mortgages we aim to keep all options available whenever possible. However, attracting a balanced mix of business is also an important factor. We’ve seen an increase in applications from portfolio landlords in recent weeks and therefore to maintain an appropriate mix of lending we have reluctantly temporarily withdrawn from taking new enquiries from portfolio landlords.”
Simpson said: “We remain committed to supporting landlords with their borrowing needs as demonstrated recently with the introduction of top-slicing.”
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
