Just over half of buy-to-let brokers feel comfortable regarding the new portfolio landlord application rules, according to the latest survey from Kent Reliance.
The research found that 54% of brokers fully understood the upcoming PRA changes and what it would mean for their business, while 31% were still unsure what it meant for their business.
Meanwhile, 13% admitted that they didn’t know when the changes were coming into effect, while 2% were unaware of the 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, so felt it was understandable that some were still playing catch-up.
“The new standards are business as usual for us as a specialist lender, but we know that brokers are going to have a lot more work on their plates, so we’ve done everything in our power to make life easier.
“Whether that’s through communicating our new lending criteria well in advance of the changes, or developing a dedicated tech-platform, brokers ease of doing business with us remain a key priority of ours.
“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 and we would encourage them to contact us as soon as possible so we can make the transition into the new landscape seamless for their business.”