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Head of Policy at the NLA - Chris Norris, comments
“While it is likely that the PRA’s proposals will curtail a small amount of lending at the speculative end of the BTL spectrum, the NLA is confident that the PRA has proposed largely sensible underwriting criteria for new BTL loans.
We have some concerns about the way in which portfolio landlords may be identified and defined in the future which we will continue to discuss with the Bank. However, the proposals should hold little fear for private landlords going about their business in a responsible way, and the majority of landlords buying property as a long-term investment should not be significantly inconvenienced.”
However others are concerned that these additional restrictions will become a burden to far for landlords faced with the Osborne's 3% surcharge to SDLT on second homes, the loss of mortgage interest relief and a post-Brexit fear on property prices.
“While it is likely that the PRA’s proposals will curtail a small amount of lending at the speculative end of the BTL spectrum, the NLA is confident that the PRA has proposed largely sensible underwriting criteria for new BTL loans.
We have some concerns about the way in which portfolio landlords may be identified and defined in the future which we will continue to discuss with the Bank. However, the proposals should hold little fear for private landlords going about their business in a responsible way, and the majority of landlords buying property as a long-term investment should not be significantly inconvenienced.”
However others are concerned that these additional restrictions will become a burden to far for landlords faced with the Osborne's 3% surcharge to SDLT on second homes, the loss of mortgage interest relief and a post-Brexit fear on property prices.
Is buy-to-let still worth the effort and risk?
The answer is increasingly sounding like - BTL, don't do it!
The towns and cities where landlords could be 'locked out' by new lending criteria https://t.co/YZFkuDSfEM— This is Money (@thisismoney) July 5, 2016
Search the whole BTL mortgage market freeBuy-to-let set to be choked by new rules https://t.co/miWoueXbOg
— FTAdviser (@FTAdviser) July 5, 2016
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