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All you need to know about the PRA changes that took place in September 2017 and the ongoing EPC changes in 2018.

Overview of the changes

The Prudential Regulation Authority (PRA) statement issued in September 2016 is relevant to all firms regulated by the PRA that undertakes buy to let lending that is not already subject to FCA regulation, e.g. Consumer Buy To Let lending. The PRA will expect regulated firms to ensure that the standards contained in their statement are adopted by other firms undertaking buy to let lending within their groups.

The purpose of the statement is to:

(a) outline the PRA’s expectation of minimum standards that firms should use to underwrite buy to let mortgage contracts; and
(b) clarify the PRA’s expectations in relation to the application of the small and medium-sized enterprise (SME) supporting factor on buy to let mortgages.

Firms should meet the principles and expectations set out in this statement on a phased basis, as follows:

(a) regarding Interest Coverage Ratio tests (including the impact of the personal tax changes) and interest rate affordability stress tests, by 1st January 2017;

(b) all the remaining expectations by 30th September 2017.

Click on the button to see a full copy of the PRA statement.

Direct Magazine

Check out the BTL Special edition of Direct Magazine, our quarterly club news which brings you all the latest updates from our lender, provider and master broker partners.

In this edition you can find BTL articles from:

Keystone Property Finance
NatWest Intermediary Solutions
BM Solutions
Vida Homeloans
Precise Mortgages
TMA BTL Insurance

Right to Rent Document Checks: A User Guide

The Home Office has produced a useful guide to Right Rent Document Checks. This could be really useful landlords and includes:

Available documents
Printable Checlist
Document Information
Letter templates to use with tenants

Lender PRA changes

Lender EPC changes