Changes on the Way for Portfolio Landlords
School’s out for summer but it’s more than just the youngsters heading into new classes in September who’ll be facing some change. Yes, the buy to let market is prepared once again for a shake up once the summer is over, this time as a result of the second phase of Prudential Regulation Authority changes.
Phase Two affects portfolio landlords and will see lenders required to take a stricter approach to affordability. In short, when a landlord with a portfolio seeks a mortgage the lender will need to see rental information for all of the properties in their portfolio. It may mean the mortgage process will take a little longer – at least in the short term as they get to grips with the new process. But, as with all the changes the market has had to face, we’ll adjust and we’ll get back to the day job!