Legal & General Mortgage Club has updated its Buy to Let Matrix to include the latest Prudential Regulation Authority (PRA) changes that came into force at the beginning of the year.
The PRA now requires lenders to have the latest interest coverage ratio tests and interest rate stress tests in place. All lenders have now implemented these changes and details of their new rental calculations have been updated on the Matrix.
The matrix can be viewed here.
Jeremy Duncombe (pictured), director of Legal & General Mortgage Club, said: “There have been several major changes within the buy-to-let market during the past 12 months, with the most recent being the Prudential Regulation Authority’s new affordability calculations at the start of the year.
“Our Buy to Let Matrix has now been updated to include these latest PRA changes, allowing brokers to familiarise and prepare themselves with the new rental calculations. Our latest update has all of the information that advisers will need to understand these changes and give their clients the best advice possible, based on the latest, most up-to-date data.”
