Buy-to-let mortgage affordability changes – are you ready?

Buy-to-let mortgage affordability rules are set to change this October but, despite the publicity, many landlords remain ignorant as to how they will be affected.  

The new underwriting guidelines that come into effect from Autumn this year, mean the arrival of tougher affordability criteria and a requirement for the provision of much more documentation in support of your application.  

Many landlords also appear to be unaware of their borrowing options and whether it would be advantageous to apply for a mortgage as a limited company or not. Plus, many are also unaware of the change of definition of a 'portfolio landlord,' which is now set at just four mortgaged properties.   

Seeking the advice of expert buy-to-let mortgage broker, Deal Direct, could help you prepare for these changes and to refinance before they come into force.  

Please be aware that Deal Direct are regulated to offer independent mortgage advice but not general financial advice. Therefore, if you wish to discuss the suitability of property as a viable investment, we urge you to contact an independent financial adviser. 

Please note: 

Buy to let mortgage applications from:

• applicants whose intention is to benefit from house price growth
• applicants whose intention is to benefit from rental income
• applicants who are letting to buy

will be treated as a normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.

Prepare yourself in advance of the changes and call a Deal Direct adviser today about your latest buy-to-let mortgage options.

Speak to an advisor now on 0800 048 8828.