Buy To Let Changes From The Lenders
There are some important changes to the Buy To Let lending criteria, since January 2017.
Since the 1st January 2017, mortgage lenders have increased the amount of rent required for a Buy To Let (BTL) Mortgage. Previously, most banks would have lent £139,676 based on £800 pcm rent. The figure now for most banks is £120,376. A fall of around 14% could affect lot’s of property owners for this year, trying to add value to their portfolio.Buy To Let Changes
Further changes are planned for people who own four or more BTL properties in September this year, which could affect the amount of borrowing still further, with people over the 4 or more BTL property threshold subject to new rules and underwriting standards. People still have time to secure mortgages for longer between now and September, however.
For more information on what the changes may mean for you, contact Our Warrington Mortgage Advisor, Wilmslow Mortgage Advisor, Altrincham Mortgage Advisor or Knutsford Mortgage Advisor team today for a FREE consultation.
Tags: Buy-to-let, Mortgages
