Our aim is to make our buy-to-let proposition as straightforward as possible and ensure our service supports brokers and is user-friendly.
Leeds Building Society has announced details of how it will be supporting brokers to comply with the new rules around portfolio landlords.
The new PRA rules come into effect from 30th September and define a portfolio landlord as a borrower with four or more mortgaged properties.
The changes mean portfolio landlords will need to provide details of assets and liabilities, and declare future investment property intentions.
Ahead of the new rules, Leeds has created a dedicated webpage for intermediaries and improved processes to make it simpler to submit buy-to-let applications, whether for a portfolio or a single property.
The Society will also provide a dedicated team of underwriters to support portfolio buy-to-let lending and underwriting training for BDMs, as well as simplified criteria.
Jaedon Green, Leeds Building Society’s Director of Product and Distribution, said: “We want to reassure our broker partners that we remain committed to supporting landlords and the buy-to-let market and have been preparing for some months to be ready for these changes.
“Our aim is to make our buy-to-let proposition as straightforward as possible and ensure our service supports brokers and is user-friendly.
“We’ve refined our criteria since the start of this year and strengthened both our underwriting and intermediary teams, with extra specialised training to cover these latest changes.
“Now, by creating a dedicated portfolio buy-to-let page on our intermediary website, with a new declaration form and step-by-step guide for submitting portfolio business, we’re making the process as simple as we can.”