Ever wonder how to get a better rate on your mortgage? Buying a house seems stressful enough, never mind all the rules that come with a mortgage. Stress no more as we have a new way to beat these rules. Landlords nowadays in England are struggling to refinance their mortgage and there could be new restrictions on the way. Experts have suggested that smaller lenders may be forced to leave the space completely in an attempt to stop the bleeding.
Key Takeaways:
- In England, the Prudential Regulation Authority has say over the regulations banks and building societies follow when considering for approval the mortgage, or remortgage of a portfolio landlord.
- As a decisive branch of the Bank,of England, PRA elected last year to tighten the rules of mortgage assessment even further.
- It’s likely many landlords will be feeling the pinch. With some undoubtedly choosing to abandon the sector altogether.
“There were even fears of buy-to-let “mortgage prisoners” trapped paying their lender’s highest rate and unable to switch.”
Read more: https://www.telegraph.co.uk/investing/buy-to-let/buy-to-let-investors-beat-stricter-mortgage-rules/