As of today, lenders will be applying more stringent criteria to mortgage applications from landlords with four or more buy to let properties. Essentially, they will consider the portfolio as a whole and will require more detailed information from landlords to ensure that the total borrowing does not exceed 75% of the portfolio’s value.
New considerations on the mortgage application will include:
Whether properties are tenanted
The repayment type of existing mortgages held
How many mortgaged buy to let properties the landlord holds
The length of time they have been a landlord.
Click the image below for more information via a recent blog, written in conjunction with Mortgage Advice Bureau:
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