The buy to let mortgage market is in a state of flux as key lenders have changed their criteria over recent weeks.
This weekend, Lloyds Bank effectively shut up shop to portfolio landlords with more than three properties.
From close of business Friday (September 24), the bank reshuffled buy to let mortgage products and lending criteria for wholly owned brands Cheltenham & Gloucester (C&G) and BM Solutions. Continue reading Buy to let lending restrictions hamper landlord borrowing. However, quality funding lines are well and truly open to landlords with substantial cash or equity reserves. Learn how to find out who’s lending but not advertising the fact
Peter Curran, Head of Intermediary Distribution at Lloyds Banking Group recently announced, “From 25 September, buy to let property portfolios will be limited to a maximum of three properties, or £2m worth of lending (whichever is exceeded first), across Lloyds Banking Group. At the same time, buy to let products will no longer be available via intermediary channels through either the Cheltenham and Gloucester or LTSB Scotland brands. Pipeline applications will be honoured but any subsequent changes will be assessed under our new policy. The changes will be effective from close of business on 24 September.” Continue reading Birmingham Midshires to restrict lending to three buy to let mortgages per landlord. Lloyds squeeze this market further by refusing to lend on more than three buy to lets across all of their brands.