With new lending rules for portfolio landlords coming into force at the end of this month, the Times and Sunday Times looked at the likely impact on borrowers.
Portfolio landlords are classed as those with 4 or more mortgaged properties, and under the new rules, lenders will have to carry out more thorough affordability checks, taking into account all properties as well as personal income and tax liabilities.
The additional checks could mean that applications will take longer to process, and some lenders will turn away from this area of the market altogether, resulting in a more restricted choice of mortgages. Some have already implemented their changes, but experts say borrowers will need to act quickly if they want to find a lender who will assess them under the current rules.
The Mail on Sunday looked at the residential market, and reported on the record number of 2 and 5 year mortgage deals that are due to expire this autumn. Competition is hot at the moment, with big banks and building societies vying with supermarkets for a spot in the best buys. This is all good news for borrowers of course, and particular those currently sitting on their lender’s higher Standard Variable Rate.
What the papers said about portfolio landlords and the remortgage market