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Landlords, are you aware of the upcoming changes to your mortgages

 
 
 
 
  18 May 2017

Buy to let mortgage legislation is changing as of 1 October 2017, which will affect all landlords with more than 3 properties and it may prove more difficult to raise funds on your existing portfolio, or any future buy to let properties you may be considering.

Currently, when you make a mortgage application, for either purchasing a new property, or re-mortgaging your current portfolio, only the individual property which is having the funds raised is assessed by the lender when calculating the affordability as well as ensuring the rental yields of that property meet the lenders guidelines.

As of 1 October 2017, this will no longer be the case. Any application for a new purchase or even a re-mortgage will be assessed not just for the property in question but the entire portfolio, if you own more than 3 properties.

At Jezzards, our team of mortgage brokers are specialists in the buy to let market and would like to offer you a free portfolio health check. If you think you may be affected by the upcoming changes to legislation, please contact our mortgage team in confidence on 020 8941 6706 or email us at mortgages@jezzards.co.uk.


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