Platform, the Co-operative Bank’s intermediary arm, announced that it will stop lending to portfolio landlords in advance of the new PRA underwriting rules.
A Platform statement says: “From 28 August we will not lend to individuals who own/will own more than 3 BTL properties (mortgaged or not), including the application security. This decision follows the PRA supervisory statement SS13/16 in relation to underwriting standards for portfolio landlords.”
From the start of the year, buy-to-let lenders regulated by the PRA have had to implement stricter criteria with new underwriting standards coming into effect from the 30th September.
While some lenders like Aldermore, the Mortgage Works, Paragon and Accord have already set out their approach many of the mainstream lenders haven’t yet with the financial media predicting most will stop lending to portfolio landlords.