BM Solutions (Birmingham Midshires) announces buy-to-let deadline for portfolio landlords

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BM Solutions (previously known as Birmingham Midshires) has set a deadline of September 9 for portfolio landlord applications to be submitted before they face tougher underwriting standards.

The Prudential Regulation Authority (PRA) has introduced new rules for professional landlords, and as a result, it will be more involved to secure a buy-to-let mortgage if you have four or more properties.

After September 9, landlords will not qualify for a mortgage with BM Solutions if they have more than 10 mortgaged buy-to-let properties with the lender. They will require a minimum income of £30,000, and the maximum aggregate portfolio loan-to-value will be capped at 75% loan-to-value.

There will also be a minimum aggregate 145% rental income cover stress test at 5.5%, and this is based on the entire portfolio and any unencumbered let properties.

Aaron Strutt, product director at Trinity Financial, says: “The mortgage market is about to get more complicated for professional buy-to-let landlords, although as each lender is interpreting the PRA’s rules in different ways, some lenders will be easier to deal with than others.”

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