You may have heard the term ‘ Portfolio Landlord ‘ and wonder what it means in relation to arranging a mortgage for the purchase / re-mortgage of a buy to let property.
If you own 3 or less buy to let properties with mortgages the lenders will assess each property on its own merits – ie on valuation, mortgage required, and rent achieved meaning that the lender applies its criteria to that particular property and ignores the rest.
It is only when you require a buy to let mortgage and this brings the total number of buy to let mortgages to 4 or more ( in either personal or Limited Company names ) that a lender will class you as Portfolio Landlord.
As a Portfolio Landlord the lender’s requirements change and it is not only the property being purchased or re-mortgaged that has to meet lenders criteria but ALL the mortgaged properties – therefore this must be taken into consideration when choosing the right lender.
Please also note Lenders do not count mortgage free buy to let properties so you could have 10 buy to let properties which only 2 have mortgages outstanding – in this example you would not become a Portfolio Landlord in the eyes of a mortgage lender until you required a 4th buy to let mortgage.
MANCHESTER MORTGAGE advisers understand how lenders assess Buy to Let Portfolio Landlords and can provide you with clear and friendly advice on interest rates, lender fees payable and rent required .
So if you are looking to become a Buy to Let Property Landlord or just looking for any Buy to Let mortgage information please contact MANCHESTER MORTGAGES for friendly advice on 0161 706 0242 or complete and email our contact form and an adviser will be pleased to respond.
