United Trust Bank (UTB) Mortgages has announced a series of changes to its buy-to-let criteria, aimed at giving brokers greater flexibility when working with professional and larger landlord clients. The enhancements apply immediately to all purchase and remortgage applications.
The revised proposition removes the restriction on maximum portfolio size and allows up to six properties to be mortgaged with UTB.
The lender has also increased its maximum buy-to-let lending to £2.5m. For borrowers with more than 10 properties, a cashflow statement will be required, while those with more than 20 properties or portfolios exceeding £5m must also submit a business plan, for which UTB provides a template.
Buster Tolfree, director of mortgages at United Trust Bank, said: “These changes give brokers more choice when helping landlord clients with larger portfolios.
“We were the first lender to make it easier and quicker for brokers to submit applications for portfolio landlords when we introduced our BTL portal and now we’re lifting the limits on what we’ll lend and who we’ll lend to.
“We want to give more landlords the opportunity to take advantage of rental property opportunities many other lenders won’t consider.
“Non-standard construction, touching or close to commercial, high-rise apartments – these can all be great choices for expanding rental portfolios, delivering great yields and often at lower outlay.”
