Buy to Let

Co-op and Platform to stop portfolio lending

Co-op and Platform to stop portfolio lending









From 28 August we will not lend to individuals who own/will own more than three BTL properties (mortgaged or not), including the application security.

Co-Operative Bank and its intermediary arm Platform are no longer lending to clients who own more than three buy-to-let properties, in response to the PRA’s new underwriting standards due on the 30th September.

In a statement, the Co-Operative Bank said: “From 28 August we will not lend to individuals who own/will own more than three BTL properties (mortgaged or not), including the application security.

“This decision follows the PRA supervisory statement SS13/16 in relation to underwriting standards for portfolio landlords.”

The new rules define a portfolio landlord as a borrower who has four or more mortgaged rental properties. Portfolio landlords will be subect to tougher underwriting standards and will need to provide details of their assets and liabilities, and declare future investment property intentions.

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