This is a response to the portfolio buy-to-let rules introduced by the Prudential Regulatory Authority last year, which meant that lenders now require a property portfolio spreadsheet, business plans, cash flow forecasts, as well as a tax return for those with four or more mortgaged buy-to-lets.
Broker network Mortgage Advice Bureau is profiling brokers with a view to licencing them as specialist buy-to-let advisers.
This is a response to the portfolio buy-to-let rules introduced by the Prudential Regulatory Authority last year, which meant that lenders now require a property portfolio spreadsheet, business plans, cash flow forecasts, as well as a tax return for those with four or more mortgaged buy-to-lets.
MAB will assess advisers, offer ongoing training, support and monitoring before licencing brokers as specialists.
Peter Brodnicki, chief executive of Mortgage Advice Bureau, said: “Following the PRA changes, we have been looking at our processes, procedures and adviser licensing, as we want to ensure the best advice is given to our customers, and maximum support is provided to our advisers in what is becoming an increasingly complex sector.
“Whilst we do not allow our advisers to give tax advice, we are aware there is a need for mortgage advice when dealing with portfolio business and so it is important to us that our advisers have the right knowledge and experience to be able to help their customers.
“We believe specialisation is key to generating a better customer outcome. As with other specialist areas such as new build, shared ownership and large loans, specialisation is already there.
“Those advisers who are building their business levels in buy-to-let will benefit from more specialist support, which is what this new licensing process delivers. At present depending on the number of properties and/or type of lending, our advisers may need in some cases, to refer to a specialist partner.”
