Scenario		Portolio landlord?
1	App 1 and 2 have 3 BTL properties in joint names and App 1 has another in sole name	Yes
2	App 1 and 2 have 2 BTL properties in joint names	No
3	App 1 and 2 have 4 BTL mortgages held in joint names and are remortgaging one of these to Accord	Yes
4	App 1 and 2 have 2 BTL mortgages in joint names. They’re applying to us to purchase another property and they have an ‘in-flight’ application with another lender	Yes
5	App 1 and 2 have 5 BTL properties in joint names, 2 are unencumbered. Applicants are looking to raise funds with Accord on one of the unencumbered properties.	Yes
6	App 1 and 2 have 3 BTL properties in joint names which are unencumbered.  They’re applying to us to purchase another property.	No

 

We’ll assess the financial strength and competency of a portfolio landlord by taking into consideration their experience in the buy-to-let market, their full property portfolio and any outstanding mortgages along with their assets and liabilities. 

Our existing rental calculations will apply for new borrowing. All background properties must collectively meet a minimum rental calculation of 145% interest coverage ratio (ICR) at a stressed rate of 5.5%. 

In addition to our standard criteria, portfolio landlords will be required to supply details of any applications currently being processed with other lenders and complete an assets statement. We’ll also ask these landlords if they anticipate any financial changes or changes in circumstances which could impact the affordability of their portfolio.