Someone with four or more mortgaged buy to let properties. It is a lender definition rather than a legal status, but it changes how you are underwritten.
Once you cross that line, lenders assess the whole portfolio rather than just the property you are buying. That usually means a business plan, cash flow forecasts, an asset and liability statement and a schedule of every property.
The rules came from Prudential Regulation Authority standards, so most mainstream lenders apply something similar.
It is not a reason to avoid the fourth property. It is a reason to keep your schedule and your figures in order before you apply.
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