Paragon Mortgages is the latest in a long line of lenders to announce that it will be implementing changes for portfolio landlords ahead of the Prudential Regulation Authority’s (PRA) new requirements on 30 September.
The new rules, which Paragon will implement from Monday next week, have been designed to comply with the PRA’s new guidelines on underwriting buy-to-let mortgage applications from portfolio landlords.
The PRA defines a portfolio landlord as a borrower with at least four distinct mortgaged buy-to-let properties, which means that Paragon Mortgages may request additional detailed information from portfolio landlords to help make the appropriate lending decision, in according with the new regulations.
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