What is a portfolio landlord?
The term ‘Portfolio Landlord’ typically applies to clients with four or more Buy-to-Let properties. If you would like to know which lenders may have the most appropriate criteria and products, you should discuss your requirements with an expert mortgage broker experienced in sourcing Buy-to-Let mortgages. Call us today!
Within your business as a portfolio landlord there is no legal or technical limit to the number of properties you can own. Whether they are mortgaged buy-to-let properties or owned outright. However, some lenders will place limits on factors such as number or properties you own, number of properties with mortgages and number of properties they will mortgage. All of these limits are part of the lender criteria which is put in place to minimise their exposure. These limits will also vary from lender to lender.
The rules for portfolio landlords tend to be more rigorous. Lenders are likely to ask to see a business plan and they will often take a closer look at the landlord’s wider portfolio, for some that is the entire portfolio but others may just want to see the portfolio under an SPV if that is the buying route in question. Lenders will also want to ensure they do not become over-committed and will be able to cover contingencies such as a property lying empty for an unexpected period.
An experienced broker can save you the huge amount of time and effort it would take to research every product and lender yourself. The most suitable lender for you might vary according to your:
• Portfolio size and the amount of equity in it
• Cash flow
• Cash reserves
• Deposit you can supply
There are also some exclusives only available through the intermediary market you simply cannot access directly. In addition, the location, size and condition of your next property will be relevant.
As experienced brokers we can advise and direct you through this complex process, so give us a call at Aspire Financial Services to arrange your free 30-minute consultation.