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Hinckley & Rugby extends BTL deals to portfolio landlords

Hinckley & Rugby Building Society is now offering its full range of buy-to-let mortgage products to portfolio landlords.

The lender will now accept applications from landlords with up to 10 mortgaged properties at up to 70% loan-to-value. However, the applicant, who can be aged up to 80, must have at least two years of experience as a landlord and not acquired more than three buy-to-let properties in the past 12 months.

The minimum interest cover ratio (ICR) currently stands at 145% at a reference rate of 5.5%, while the application process for portfolio landlords is the same as for non-portfolio borrowers.

Hinckley & Rugby’s head of sales and marketing, Carolyn Thornley-Yates, said: “Because we are a manual lender, we can look at all the elements of a buy-to-let portfolio application. Each case will be assessed individually, enabling everyone to have confidence in its affordability.

“The calculator looks at the subject property, the portfolio as a whole, the level of experience and the rate at which the portfolio has grown.

“We will work closely with intermediaries to ensure their landlord clients achieve sustainable funding.”

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