United Trust Bank has lifted restrictions on the maximum number of properties for large portfolio landlords.
With immediate effect, there is no longer a limit on borrowers’ total portfolio size.
Up to six properties can now be mortgaged with UTB and it will lend up to £2.5m in total.
The lender will require cashflow statements when a borrower has more than 10 properties.
If they have more than 20 properties or a portfolio worth more than £5m, it will require a completed business plan, which follows a simple template provided by the bank.
UTB director of mortgages Buster Tolfree says: “These changes give brokers more choice when helping landlord clients with larger portfolios.
“We were the first lender to make it easier and quicker for brokers to submit applications for portfolio landlords when we introduced our BTL portal and now we’re lifting the limits on what we’ll lend and who we’ll lend to.
“We want to give more landlords the opportunity to take advantage of rental property opportunities many other lenders won’t consider.
“Non-standard construction, touching or close to commercial, high-rise apartments – these can all be great choices for expanding rental portfolios, delivering great yields and often at lower outlay.
“At UTB we’re all about assisting brokers when they’re helping landlord clients get a great return on their investment.”
The news comes as Aldermore cut rates on buy-to-let deals by up to 30 bps today.
