Coventry Intermediaries has announced that it is setting out additional lending criteria for portfolio landlords with four or more properties, to be introduced from 14 September.
The rules, which are being introduced ahead of the Prudential Regulation Authority’s deadline for tougher underwriting standards on 30 September, will see the lender’s existing buy-to-let criteria remain in place for the property being applied for, including minimum interest coverage ratio, maximum number of BTL properties per household and loan-to-value (LTV) limits.
Coventry will also consider all the properties in the applicant’s buy-to-let portfolio by means of a downloadable form that will capture information such as the value of each mortgage, monthly mortgage repayments, monthly rental amounts and estimated property values.
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