Precise Mortgages has formed a ‘portfolio team’ to key in portfolio buy-to-let information on behalf of brokers and their clients when the PRA’s underwriting changes take effect on 30 September.
Brokers will be able to supply the information in any format, whether that’s using an excel spreadsheet, word document or relaying information verbally over the phone – and the portfolio team will then enter the data onto its system.
The portfolio team, which has been formed from a combination of new and existing staff, will get in contact if there is any missing data.
Fleet won’t change key portfolio lending criteria
Alan Cleary (pictured), managing director of Precise Mortgages, said: “For customers with a 50 property portfolio, even if it takes just five minutes per case to key in the information, times 50 is a burden.
“We say do it whatever way it suits you and we will do the work in the background.
“Some of our distribution have already come back and said ‘wow’ – don’t underestimate the impact of doing the donkey work.”
The lender has built an in-house portfolio platform designed to assess the existing portfolio, using AVMs to calculate loan-to-values and income coverage ratios.
Once the portfolio team have input the data it will be valid for six months.
From 25 September Precise will make a portfolio form available on its website which landlords can use as a template to supply the necessary information to the lender.
Other aspects of Precise’s criteria have remained unchanged: clients can have up to 20 buy-to-let mortgages, there is no limit on the size of existing portfolios and HMOs are accepted with up to eight bedrooms.