New buy-to-let regulations coming into force affecting landlords
There are new mortgage regulations coming into force from September 30th 2017. These will make it harder for landlords with four or more buy-to let properties to secure their mortgages.
The changes will involve greater scrutiny over incomings and outgoings. The exact nature of which is still to be stated. These changes are on top of more stringent rental calculations already brought in earlier this year.
Mortgage offers can be held for up to six months we are strongly advising clients to start their applications sooner.
On top of tighter lending Bank of England chief economist Andy Haldane has stated that leaving a rate hike until too late could lead to steeper rate rises in the future and that he may vote to raise interest rates in the second half of the year. This month three additional members out of the eight voted for an interest rate rise. A fixed rate could stop you being affected by this.
Call us today for help and advice with your mortgage.