Buy to let mortgage lending changes – will you be affected?
Buy to let mortgage lending criteria is changing after the introduction of new rules by the PRA this month.
The changes affect all landlords; however, portfolio landlords could begin to find it more difficult to find the right deal without professional help.
This is because some lenders, such as Platform, for example, have withdrawn their buy to let mortgage products, which were specifically aimed at those with three or more properties.
The news means that the lender will only accept buy to let mortgage applications from landlords who own one or two properties, no more.
However, not all lenders are taking the same approach and, although lending regulations may now be tighter, very competitively priced buy to let mortgages are available and Deal Direct can source them for you.
We are regulated to offer independent mortgage advice; however, we are not regulated to offer general financial advice. If you want to discuss the suitability of property as an investment, you will need to contact an independent financial adviser.
Please note that buy to let mortgage applications from:
- applicants whose intention is to benefit from house price growth
- applicants whose intention is to benefit from rental income
- applicants who are letting to buy
will be treated as a normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.
For competitive buy to let mortgages call 0800 048 8828.
