What is a Portfolio Landlord?
The term ‘Portfolio Landlord’ applies to an owner of four or more Buy to Let properties. To be sure which lenders have the most appropriate products you should talk over your requirements with an expert Buy to Let Mortgage Broker.
There are no technical or legal limits to the number of mortgaged Buy-to-Let properties you can own within your business as a Portfolio Landlord. However, lenders will want to minimise their financial exposure so will often place a limit on the number of properties they are willing to lend against. The lenders may also limit the total number of mortgaged properties they want to see in your portfolio. These limits will vary from one lender to the next.
Rules are more stringent as lenders run a full analysis of the landlord’s complete portfolio as well as asking for a detailed business plan. Requiring this ensures the landlord is not becoming over-committed and have enough contingency to cover eventualities such as a property lying empty for an unexpected period.
Every lender has different requirements and criteria so doing your own research into every product on offer would take a huge amount of time and effort.
The most suitable lender for you will vary according to:
- your experience
- portfolio size
- amount of equity in your portfolio
- your cash flow, cash reserves and the deposit you can supply
- the location, size, and condition of the property you want to buy next
Help is here for you Portfolio Buy To Let Mortgages
Using the services of an experienced Mortgage Broker who can guide you through this complex process will be a great choice.
Call us at Aspire Financial Services to arrange your free 30-minute consultation.