Hampshire Trust Bank will require more information to be submitted for portfolio buy-to-let applications including a portfolio schedule, business plan, cash flow for the previous 12 months and a future cash flow forecast.
The lender said no major changes would be made to its lending criteria as part of implementing the Prudential Regulation Authority’s (PRA) changes to portfolio lending.
CEO Mark Sismey-Durrant told Mortgage Solutions: “Hampshire Trust Bank has already anticipated these changes. We would like to reassure our brokers that there are no major changes to our lending criteria and that any revisions will be communicated in due course.”
Last month Sismey-Durrant was forced to take over as commercial mortgages head following the departure of Colin Bell.
Hampshire Trust said the measures formed part of its commitment to the buy-to-let sector and that a suite of documentation for brokers had been created to assist intermediaries in providing the required additional information. This will be issued later this week.
Sismey-Durrant said: “The buy-to-let landscape has faced a period of unprecedented change, with a number of new regulations being implemented that have impacted the market. Our approach has largely anticipated these changes already.
“We remain committed to the portfolio buy-to-let sector and in supporting our broker partners with their business. Our new documents are designed to make it a simple and straightforward process for brokers to provide us with the new information that will be required.
“As a specialist lender we are focused on providing timely and balanced decisions on buy-to-let deals, helping to ensure that introducers and borrowers do not miss out on the opportunity to grow their businesses,” he added.
Owain Thomas is Features and Contributing Editor at Mortgage Solutions. He has previously covered the protection and mortgage industry, more recently he edited Workplace Savings and Benefits, and HRD Connect.
Owain won the Financial Healthcare Journalist of the Year (B2B) at the Headline Money Awards in 2014 and 2016. He also won the Protection Review’s Journalist of the Year award in 2012.