Portfolio Landlord? You Need To Know This
03.08.17If you are a Buy to Let Landlord, it may seem like there has been enough changes already in your world, given recent tax and stamp duty changes, but also, there is more to come.
Many landlords do not realise that further changes are due from October this year which will affect every landlord with 4 or more mortgaged properties looking to take out a mortgage. As a result, lenders have a duty to underwrite “Portfolio Landlords” in a different way to how they do this now, with a wealth of further paperwork required, such as tax returns, business plans and cash flow statements as well as a proper portfolio spreadsheet being required.
This means you should be reviewing your options now.
Have no fear though, because Coreco are at the forefront of discussing these changes with lenders and will be well placed to assist landlords through the new mortgage regime.
Coreco have brokers with over 20 years’ experience in this market place and will be putting together our own “Portfolio Landlord Pack” to ensure all our landlords can move forward with confidence.
For a full detailed look at what is happening click here to read our guide.
If you’d prefer a quick summary, check out our infographic here: Coreco’s Landlord Guide
Written by Andrew Montlake
Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. His journey started at John Charcol where he became part of the top-performing team before moving on to Cobalt Capital. In April 2009, Monty became one of the main founding directors of Coreco, determined to help drive financial literacy, educate the public and show that mortgage brokers can be different. Monty is also a proud Board Member of the Association of Mortgage Intermediaries, (AMI) and has recently been elected as their Chairman from 2021.
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