BTL Lender

BTL lender bombshell will lock thousands out of market

May 2nd, 2016

Thousands of landlords will be locked out of the buy-to-let market after the market’s second biggest lender severely tightened its criteria, say experts.

Earlier today Nationwide subsidiary The Mortgage Works announced it was increasing its rental cover requirements from 125 per cent to 145 per cent and cutting its maximum LTV from 80 per cent to 75 per cent from 11 May.

The Mortgage Works said the move pre-empted government tax relief changes being introduced next April.