A third (31%) of buy-to-let brokers are unsure about how the upcoming portfolio landlord application rules will affect their businesses, research from Kent Reliance has revealed.
Additionally the lender, which surveyed 200 buy-to-let brokers, found that 13% of brokers are unsure when the changes come into effect and 46% said they do not understand what is changing.
However over half (54%) of buy-to-let brokers are comfortable that they understand what the new portfolio landlord application rules are and how they will apply to their business.
Business as usual for Vida ahead of PRA changes
Adrian Moloney, sales director at OneSavings Bank, said: “Brokers have had to get to grips with a huge amount of regulatory change over the past 18 months.
“It’s understandable that some are still playing catch up, but with the PRA deadline looming, now is the time to buff up on the new rules and make sure clients are ready to comply.
“For those that still don’t feel confident in what these changes mean for their business, the time to get on top of it is now.”
A third (29%) anticipates that more applications will be rejected in the short-term, and a quarter (23%) believes the extra administrative burden will cause the application process to slow down.
The changes will see a new minimum underwriting standard introduced for landlords with four or more properties as of 30 September.