"These changes give brokers more choice when helping landlord clients with larger portfolios"
- Buster Tolfree - United Trust Bank
United Trust Bank (UTB) Mortgages has introduced a series of changes to its buy-to-let lending rules, aimed at supporting brokers working with professional landlords who hold larger portfolios. The updated criteria apply to both purchase and remortgage applications.
The key enhancements include:
No upper limit on a landlord’s overall portfolio size
Up to six properties allowed with UTB at any one time
An increased maximum lending limit of £2.5 million
For landlords with more than 10 buy-to-let properties, UTB will require a cashflow statement. In cases where the portfolio exceeds 20 properties or is valued above £5 million, the bank will also ask for a completed business plan. UTB provides a template to simplify this process.
Explaining the changes, Buster Tolfree, director of mortgages at United Trust Bank (pictured), commented: “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.”
He added: “We want to give more landlords the opportunity to take advantage of rental property opportunities that 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. At UTB we’re all about assisting brokers when they’re helping landlord clients get a great return on their investment.”
