L&G updates Buy to Let Matrix ahead of PRA changes
Lenders are now beginning to communicate their stance on this change before the rules come into effect, and this transparency is welcome.
Legal & General Mortgage Club has updated its Buy to Let Matrix to include lender positions and lending criteria on buy-to-let portfolios, ahead of the PRA changes which come into effect on 30th September.
The Matrix now includes details on which lenders will accept portfolio landlords and limited company buy-to-let, before the changes to portfolio landlord underwriting standards are introduced.
The Matrix will be updated on a regular basis as and when lenders announce their position.
Jeremy Duncombe, Director, Legal & General Mortgage Club, said: “There have been several structural changes within the buy-to-let market during the past year, and in September the market will face further changes to portfolio landlord underwriting standards. Lenders are now beginning to communicate their stance on this change before the rules come into effect, and this transparency is welcome.
“The L&G Mortgage Club’s Buy to Let Matrix has now been updated to include the latest information on lenders which have set out on their position, allowing brokers to familiarise themselves with any new criteria. We hope our latest update will encourage more lenders to state their position as soon as possible and enable allow advisers and their clients to prepare for these changes.”
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