Precise Mortgages has revealed how it will be approaching portfolio landlords once phase two of the PRA's underwriting standards are implemented on 30th September
The lender’s proposition will focus on the creation of a portfolio team which will look to do the heavy lifting for mortgage intermediaries and help with the additional information required by the new regulations.
The additional information required includes:
Precise’s criteria remains largely unchanged with the exception that the existing residential portfolio may be subject to interest rate stressing depending on the assets and liabilities of the landlord.
The highlights for Precise’s proposition are:
“We thought long and hard about how we could minimise the disruption to the mortgage intermediary and to the landlord while meeting the new requirements and have invested a significant amount of money and resources to make sure that we take as much of the burden as possible,” said Alan Cleary, managing director of Precise Mortgages (pictured above).
Criteria highlights which are unchanged include:
Precise will make the new forms available on its website for the week commencing 25th September.
