A number of papers continue to report on the upcoming changes within the Buy-to-Let market. With additional stamp duty due from next April, brokers say they are expecting a surge in purchases over the coming months. There was also news that a major high street lender has increased its rental requirement for investors, but the wider issues of stricter criteria and further tax implications are likely to take some time to filter through.
The Mail on Sunday looked this week at the great remortgage options available at the moment. Some borrowers will remember a time when interest rates hit double figures, but deals are currently at rock bottom. Those looking to remortgage now may well be able to secure the lowest interest rate they have had so far, but could also find they are subjected to much tougher underwriting as a result of the Mortgage Market Review.
The Independent and the Sunday Express also discussed the tougher criteria now in place, and in particular the impact this is having on older borrowers, many of whom are still being rejected by lenders. Recent figures suggest that more than 1 million people still have a mortgage beyond the age of 70, and experts suggest that those who are struggling to secure a mortgage might find smaller building societies to be more flexible.
What the papers said about Buy-to-Let