The lender’s proposition will focus on the creation of a portfolio team which will look to do the heavy lifting for mortgage intermediaries and help with the additional information required by the new regulations.

The additional information required includes:

• a business plan
• assets and liability statement
• details of the existing residential property portfolio.

Precise’s criteria remains largely unchanged with the exception that the existing residential portfolio may be subject to interest rate stressing depending on the assets and liabilities of the landlord.

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The highlights for Precise’s proposition are:

• no changes to the DIP or application systems
• no need for mortgage intermediaries to key the existing portfolio into the lender’s systems
• additional information can be supplied in any format including the lender’s own forms
• the portfolio team will input the additional information into the lender’s systems
• once the portfolio team has input the existing portfolio, it will remain valid for six months making future applications more straightforward
• the lender has built an in-house portfolio platform that will help assess the existing portfolio and includes the use of AVMs to calculate LTVs and ICRs.

“We thought long and hard about how we could minimise the disruption to the mortgage intermediary and to the landlord while meeting the new requirements and have invested a significant amount of money and resources to make sure that we take as much of the burden as possible,” said Alan Cleary, managing director of Precise Mortgages (pictured above).

Criteria highlights which are unchanged include:

• up to 20 buy-to-let mortgages with the lender subject to a combined maximum of £5m
• no limit on size of existing portfolio
• licensed and unlicensed HMOs accepted up to eight bedrooms with separate ASTs
• on limited company applications no limit on the number of director dependant shareholders under the age of 25
• bespoke ICR calculations on new applications to reflect the landlord’s tax position.

Precise will make the new forms available on its website for the week commencing 25^th September.