"Brokers need to know specifically how a lender defines a portfolio landlord and our new buy-to-let module includes this new search option"
A new search facility will enable brokers to find which lenders accept portfolio landlords, as well as lenders’ specific portfolio landlord definitions.
Jason Hegarty, Director of Criteria Hub, commented: “The PRA defines a portfolio landlord as being one who has four or more mortgaged buy-to-let properties, but different lenders interpret this according to their own rules. Up to now detailed definitions from lenders have been rather limited and understandably brokers get frustrated when they find that the lender they have picked does not count properties owned by companies or ones that are holiday lets, for example.
"Brokers need to know specifically how a lender defines a portfolio landlord and our new buy-to-let module includes this new search option, which will allow brokers to see lenders’ positioning along with detail and a clear definition of whether certain properties, such as those that are company owned, are acceptable.
"This innovation allows users of Criteria Hub to see clearly in one place, lenders’ specific portfolio landlord definitions. This is going to be of great value to all brokers in 2018 and marks the start of a comprehensive roll out of BTL search tools dedicated to ensuring that brokers waste as little time as possible when researching potential funding sources."
