To find a buy to let mortgage you need to consult with an experienced broker. Recent changes have made it very complicated and there is more change to come.
There is a good chance that as of October 2017, anyone with more than 4 houses will start to find it very difficult to get mortgages to increase their portfolios.
* Amy Varle Interviews Richard Ignatowicz From Mortgage Savers.
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From October the 1st, 2017, further new regulations are going to come into play where investors who have four or more buy to let properties will now have even stricter underwriting criteria.
So, lenders will be asking for things like cash flow, asset liability statements, business plans…
They’ll be looking more in depth at your existing portfolio and your bank statements. If you’ve got any maintenance bills and repairs they will want to see sufficient funds in the bank accounts to cover these items.
And, it’s rumoured that a lot of lenders will not go into that marketplace where they service landlords with have four or more buy to lets.
If you are in this category you could be regarded as a portfolio or professional landlord. It is more likely that the typical mainstream lenders will stick with investors who’ve got four or fewer properties, but only time will tell.
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