Maurice Sardison
I'm currently getting over 200 emails per day with updates from lenders and investors. The market is changing rapidly and I will try to update you as often as I can.
Key updates:
Limitations on HMO properties
Some lenders will not consider properties built before 1900
Restricted lending on blocks of flats with more than 4 floors
ICR (Interest Cover Ratio) increasing with some lenders
Affordability on loans and mortgages will be heavily scrutinised
Variable income like bonus and commissions will not be considered with some lenders
Self employed will be effected with changes to lending policies
Applicants must have a strong credit at time of application
Interest rates are going up with some lenders between 0.50% to 1.5%