Portfolio Landlord documentation simplified for applications
June 07 2018
We are pleased to announce that we are reducing the documentation required for portfolio landlord applications. These changes are designed to simplify and speed up applications for portfolio landlords, aiming to provide a more streamlined process overall.
The most notable change is the reduction in the number of forms that we will require – now only two forms are needed instead of three.
Please see a breakdown of the changes below.
Cash Flow form
- This form is no longer required.
- Key questions in relation to customers’ Cash Flow will now be included within the Business Plan document.
Assets & Liabilities statement
- Removal of the shareholding question.
- ‘Tax Liability’ has been renamed ‘Tax Paid from Property Portfolio’ to provide additional clarity.
- Additional information regarding a customer’s tax liability will be requested if it is deemed necessary by the Bank.
These changes will ultimately simplify the application and underwriting journeys, whilst still asking the necessary questions to understand a customers’ cash flow and tax position.