BTL changes

It’s business as usual for BTL lending

At Skipton we have years of experience helping landlords with their Buy to Let portfolios.

With the complexity around the new portfolio landlord regulations, we wanted to let you know that most of our BTL criteria isn’t changing. We’ll continue to offer:

  • lending up to 75% LTV
  • a free day one valuation on all BTL applications – purchase and remortgage
  • lending to individual landlords with portfolios of up to ten properties (maximum of five mortgaged with Skipton)
  • a stress rate of 5% for five year fixed rate terms
  • NEW – selected remortgage products now available that offer cashback following completion instead of free standard legal fees.

The changes for portfolio landlords

For BTL landlords with portfolios of four or more mortgaged BTL properties, we have made the following changes to our criteria:

  • portfolio landlords now require a minimum income of £45k (and net rental income can be included in the total)
  • portfolio landlord affordability will be stressed at 150% @ 5.5% (5% for five year fixed rate terms).
  • completion of our simple portfolio cash flow document.

Criteria for non-portfolio BTL applications will remain unchanged. Any of our BTL products can be used for portfolio landlords.

For full details of our Buy to Let lending criteria please see our A-Z Lending Criteria.

Minimum Submission Criteria

Our new Minimum Submission Criteria for BTL Portfolio applications will be:

  • Signed Declaration
  • Latest full month’s payslip
  • Latest P60 – required only if using other income from employment in addition to basic income
  • Accounts – Accountant’s Certificate or latest 2 years' accounts or latest 2 SA302 plus latest 1 year accounts if self-employed or using rental income
  • Latest full month’s bank statement
  • NEW cash flow document (replaces asset and liability statement)

We’ve created a Guide to Portfolio Landlords to give you some more information about these changes.

To find out more about how we can help your clients with their BTL requirements, contact your local IRM or get in touch.

Call: 0345 607 9814

Email: irmsupport@skipton.co.uk

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