The Northview Group announce changes to portfolio BTL propositions

The Northview Group announce changes to portfolio BTL propositions
Whilst the portfolio landlord sector is increasingly complex, there are many landlords out there that continue to require support from lenders for their buy-to-let plans

The Northview Group has today announced changes to its portfolio buy-to-let lending criteria for both Kensington and New Street Mortgages.

The changes come ahead of the PRA’s update to underwriting standards for portfolio landlords, which come into effect from 30th September. As directed by the new PRA rules, both lending brands will define a portfolio landlord as a borrower with four or more mortgaged properties.

Kensington will update its proposition from 28th September, and will not restrict the total number of properties held in a portfolio, but limit its own exposure to £2 million. New Street will launch its revised proposition on 27th September and will lend to landlords with a maximum of 10 properties overall, but will limit its own exposure to £2 million.  

Both lending brands will offer a standard rental cover from 125% at 5.5% assessment rate, with lower assessment rates offered on its 5-year fixed products, starting from 4.5%. Current criteria for landlords with three or fewer properties will remain unchanged.

 In line with the new regulations, both brands will require more information on the portfolio via the completion of a Portfolio Summary, outlining all portfolio properties and a Business plan, which outlines the landlord’s plans for the portfolio.


Steve Griffiths, Director of Sales and Distribution, The Northview Group, said: “These latest changes from the PRA form part of a wider regulatory update to the buy-to-let market. Whilst the portfolio landlord sector is increasingly complex, there are many landlords out there that continue to require support from lenders for their buy-to-let plans.

With over 15 years of experience in the buy-to-let sector, the Group’s brands are there to support professional landlords following the PRA’s changes. This newly updated proposition reflects that commitment to both parts of this market, those with fewer properties and the experienced professional landlords that want to build on their existing portfolios.”

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Latest Comments

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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