The changes apply to all purchase and remortgage applications.
UTB Mortgages has removed the upper limit on a landlord’s total portfolio size, and the lender will allow up to six properties on each borrower’s mortgage. It has also increased the maximum loan size to £2.5m.
Where a borrower has more than 10 BTL properties, UTB will require a cash flow statement. For borrowers with more than 20 BTL properties or a portfolio in excess of £5m, the lender will require a completed business plan. UTB will provide a template for the business plan.
Buster Tolfree, director of mortgages at UTB, said: “These changes give brokers more choice when helping landlord clients with larger portfolios. We were the first lender to make it easier and quicker for brokers to submit applications for portfolio landlords when we introduced our BTL portal and now we’re lifting the limits on what we’ll lend and who we’ll lend to.
“We want to give more landlords the opportunity to take advantage of rental property opportunities many other lenders won’t consider. Non-standard construction, touching or close to commercial, high-rise apartments – these can all be great choices for expanding rental portfolios, delivering great yields and often at lower outlay. At UTB, we’re all about assisting brokers when they’re helping landlord clients get a great return on their investment.”
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