Some Mortgage Lenders Taking Landlords’ Other Disposable Income Into Account

Some Mortgage Lenders Taking Landlords’ Other Disposable Income Into Account

Finally there is some good news on mortgage loans with some cheaper mortgage deals in the buy to let space now appearing.

 

This is welcome – because much recent news revealed a hardening of lenders’ underwriting approaches – much of that in turn was being driven by the attitude of the regulatory authorities, guided by the government. To see our other blog posts as we have followed this story over the last year, please click on these links:

 

http://www.lettingfocus.com/blogs/2017/10/lenders-likely-to-exit-making-loans-to-portfolio-landlords/

 

http://www.lettingfocus.com/blogs/2017/09/portfolio-landlords-buy-to-let-mortgage-assessments/

 

http://www.lettingfocus.com/blogs/2017/08/underwriting-portfolio-landlords-and-mortgages/

 

http://www.lettingfocus.com/blogs/2016/12/new-buy-to-let-loan-restrictions/

 

Disposable Income

As well as cheaper loan deals, Precise Mortgages, always one of the savvier lenders, will now allow those with three or fewer mortgaged buy to let properties to use spare disposable income to cover any shortfall in rental income. It’s a bit of a game changer, but it is logical and something that we have called for over many years. Barclays, not always that smart on buy to let lending, has also made the same move.

 

So, some good news on financing to end the year. Let’s hope that other lenders follow suit.

 

Happy Christmas.

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