Portfolio landlord mortgages: the best buy-to-let lenders

by Aaron Strutt

Apr 14 2025

Searching for portfolio landlord mortgages? Wondering which lenders accept 4+ BTL properties, what the qualification rules look like, and whether limited company buy-to-let (SPV) mortgages are available? This guide breaks down the current market, lender lists, key criteria like ICR stress tests, Buy-to-let Loan To Value limits, minimum income, and SIC codes for SPVs—plus quick-fire FAQs.

What is a portfolio landlord?

Under UK rules, a portfolio landlord is someone with four or more mortgaged buy-to-let properties (including the one you’re applying on). Lenders apply enhanced underwriting to these cases. 

Which lenders offer portfolio landlord mortgages?

Specialist lenders (often most flexible on portfolio cases; many also take SPVs)

• Paragon Bank – deep portfolio expertise; dedicated portfolio criteria and guides.

• Aldermore – strong on larger/established portfolios; clear portfolio doc requirements. 

• The Mortgage Lender (TML) – explicit portfolio definition and evidence list (business plan, portfolio schedule, cash flow).

• Fleet Mortgages – active in portfolio BTL; clear SPV/SIC expectations (also useful if using a company).

• Precise Mortgages – portfolio and specialist property (HMO/MUFB) capability.

• Landbay – portfolio rules and helpful ICR guidance; accepts SPVs.

• West One – portfolio lending up to multi-million exposure.

• Vida Homeloans – specialist BTL, including SPVs.

• Zephyr Homeloans – focused on professional/portfolio landlords.

• Leeds Building Society – portfolio landlord range with published limits.

High-street & major brands (personal ownership; portfolio accepted)

• Barclays – defines and underwrites portfolio BTL; portfolio schedule required.

• Accord (Yorkshire BS) – explicit portfolio criteria and background ICR rules.

• The Mortgage Works (Nationwide) – wide portfolio range; now with limited company options too.

Note: Lender lists and criteria change regularly—always check the latest mortgage crtieria. 

What are the qualification rules for portfolio landlords?

While details vary, expect the following across most lenders:

• ICR stress tests (rent coverage):
  Typical baselines include 125% ICR for basic-rate taxpayers and 145% for higher/additional-rate, with stress rates around 5%–5.75%+ depending on product and lender. Example policies: Accord uses 145% @ 5.0% for background portfolios; Landbay signposts 125%/140% depending on tax status. 

• Loan-to-value (LTV):
  Up to 75% LTV is the market norm for portfolio BTL; some lenders offer 80% on specific cases, while certain brands cap higher exposures lower. 

• Minimum income:
  Many lenders look for £25,000+ personal income (not universal; some have no minimum). Examples: Paragon £25k, Barclays £25k, Landbay £25k unless experienced. 

• Evidence & documents:
  Portfolio underwriting often requires a full property/tenancy schedule, business plan, cash-flow/asset & liability statements, plus E-Tech/Excel portfolio uploads. See TML’s evidence list and Barclays’ portfolio schedule. 

• Property types:
  Standard BTL is widely accepted; HMO/MUFB need extra experience and stronger ICRs with specialist lenders (e.g., Precise, Paragon, West One). 

Do lenders offer limited company (SPV) mortgages?

Yes—many portfolio landlords now use SPVs for tax and cash-flow reasons (seek tax advice). Active SPV lenders include:

• The Mortgage Works (Nationwide) – full Limited Company range for first-time, experienced and portfolio landlords.

• BM Solutions (Lloyds Banking Group) – launched Limited Company BTL in July 2025; check current criteria and calculators. 

• Paragon Bank – long-standing SPV capability and portfolio focus. 

• Aldermore – SPVs and trading companies supported; portfolio-friendly. 

• Leeds Building Society – dedicated Limited Company BTL with portfolio rules. 

• Fleet Mortgages – SPV only; clear SIC codes published. 

• Precise Mortgages – active in SPV/portfolio/HMO. 

• Landbay, West One, Vida, Zephyr – all support limited company lending. 

Who doesn’t generally accept limited company BTL?
Some mainstream lenders take personal name applications only. For example, Accord explicitly won’t accept applications made on behalf of limited companies.

SPV setup & SIC codes:
Most lenders want a UK-registered SPV with property-related SIC codes such as 68100, 68209, 68320 (some also accept 68201; holding companies may need 64209/64203). Check lender lists (e.g., Fleet, Landbay). 

Quick FAQs 

What’s the minimum deposit for portfolio landlord mortgages?
Typically 25% (75% LTV); some cases/products differ by lender and property type.

How is affordability assessed for portfolio landlords?
Via ICR stress tests on the subject property and a check of the background portfolio. Expect around 125%–145% coverage at lender-set stress rates (e.g., Accord 145% @ 5.0% for background). 

Do I need a business plan or cash-flow?
Many lenders request a portfolio schedule, business plan, and sometimes cash-flow projections for larger portfolios.

What income do lenders want to see?
A common benchmark is £25,000+ earned income (not universal; some specialists have no minimum or waive it for experienced landlords).

Can I use a limited company (SPV) for buy-to-let?
Yes. Many lenders offer SPV limited company mortgages; directors/major shareholders usually give personal guarantees and must be party to the application. 

Any lender caps on portfolio size?
Yes—varies by lender. For example, Leeds caps total mortgaged BTLs at 10 across all lenders, with internal caps too. Others allow higher numbers with additional underwriting. 

Are 5-year fixes tested more leniently?
Often the stress rate can align closer to the pay rate on 5-year fixes, improving borrowing power—policy differs by lender, so check calculators/criteria before applying. (See lender affordability pages for specifics.)

Call Trinity Financial on 020 7016 0790 to secure a buy-to-let property portfolio mortgage or book a consultation

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage