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  • Property-a-holics

    Landlords need to adjust to new conditions



    In our new interview with Stephen Johnson, M.D. of Shawbrook Bank, we cover a lot of ground.

    Stephen talks about the wider implications of the PRA, how landlords need to adjust to the new environment, and why they should be feeling optimistic about the future:



    A reminder of our Ready-made deal stacking calculations for the new tougher stress tests.

    It is interesting to hear how the market will affect existing portfolio landlords differently to new entrants into the sector.

    SEE ALSO  -          Understanding the impact of PRA on landlords

    UP NEXT -              Government policy > exacerbate housing crisis

    DON'T MISS -         Landlord of 29 years faces up to Section 24

    NOW WATCH:

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    I have been talking to brokers and lenders today and they are both saying the same thing.

    Lenders are withdrawing from the "portfolio landlord" space - landlords with 4 or more properties by PRA definition.  They don't want the hassle of the massive fact find.

    There are only a handful of lenders who will now consider lending to landlords with four or more properties.  The others are turning the business away.  I believe this will make it hard for landlords to grow a portfolio.

    The role of the broker is now increasingly important for two reasons:

    1.   Landlords will not call multiple brokers due to the huge fact find necessary.  They will have to decide to work with one broker.

    2.  They will have to work with brokers with their fingers on the pulse who will know all the lenders and where the client's profile fits, otherwise they will get turned down for lending.

    The game has changed a lot more than people realise.

    Many brokers are in the dark about the new rules and the different lender criteria and interpretation of them.  A specialist broker is more vital than ever now.

    See - PRA will make S24 look like walk in the park

    "A specialist broker has never been so vital"

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    Up-date for this thread:

    New Precise Mortgages proposition - portfolio landlords

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    [Image: 4995468760_6be86655d4_t.jpg]
    general operations director (aka Colonel Nicaffi) - propertytribes.com