Confirming our portfolio landlord policy

Confirming our portfolio landlord policy

We're just letting you know that we're updating our systems this weekend to support the Prudential Regulation Authority's (PRA) changes to portfolio landlord underwriting standards that are coming into effect later this week.

Where possible, we've streamlined these regulatory changes into our existing application processes, and with few changes to our criteria, it'll continue to be a simple and straightforward process.

Policy update

For full details of our policy, you can find more information on our dedicated Portfolio landlord webpage.

And further to announcing our commitment to portfolio landlords in June, we're now able to confirm the following additional detail:

  • As well as our rental calculation for new applications, we'll also assess existing properties in a portfolio to ensure they're sustainable:
  • A minimum aggregate ICR of 145% will apply with a stress rate of 4.50% for up to 10 mortgaged Buy to Let properties (or 5.50% for over 10 mortgaged Buy to Let properties, or where total Buy to Let borrowing with the Nationwide Group is greater than £1,000,000).
  • Like-for-like remortgage applications for landlords with less than 7 properties in their portfolio won't be subject to portfolio landlord criteria.
  • Portfolio landlords will need to have 2 years' letting experience.

Visit our webpage for full details on our portfolio landlord policy:

Portfolio landlord webpage.

New supporting documents

To make it easier to do business with us, you'll also have access to a range of new supporting documents, including a Property Schedule template, Business Plan template and Portfolio Portal guide.