I was reading an interesting article in a publication this morning and I was quite shocked by what I was reading. It stated that some private landlords with buy-to-let mortgages are being prevented by their lenders from letting to people on benefits.
This really amazed me as surely the Government has an interest in getting vulnerable people housed quickly. The private rented sector is a good option for the Government to do so. Shouldn’t the government pick up on this issue? If lenders are preventing landlords from renting to LHA tenants then they remove a large proportion of a community.
Finance is very tricky to obtain at the moment and lenders are really tightening their criteria. We have been trying for 4 months to get a mortgage on a property. We have a great credit rating and stable employment but we were declined on the first mortgage. The second mortgage is slowly progressing with the emphasis on slow!
We’d be interested to hear your feedback on how you obtain finance for your property purchases. Do you rely on bridging now or do you still go through the mortgage process? Are you having any issues in getting mortgages now?
Leave us a comment or email us with your feedback.