Choose the product that's right for you

View your Credit Report Online
only £9.95

View your credit report online - a one-off snapshot as seen and used by lenders

click here

Enjoy unlimited quarterly access
for only £8.95

Unlimited online access to your credit report as seen and used by lenders. Save and view your credit reports for future reference.

click here

MyCallcredit Sample Credit Report

View our sample credit report and see what your credit report will show you.

click here

HMO licenses 'will not put people off buy-to-let'

 Back to list

    The new HMO licenses coming into force on April 6th will be unlikely to put people off taking buy-to-let mortgages, says a mortgage lender. Around 59 per cent of landlords are already aware of the new licenses, shows research from Mortgage Express, which make licenses compulsory for Houses in Multiple Occupancy (HMO), with five or more unrelated tenants living there over three storeys or more.
    Only a small proportion of properties within the buy-to-let sector are likely to be affected, reveals the company, although landlords should read up about the licenses to check they are not affected. Those who are affected will have to pay around £1,100 for a license, the cost of which will be determined by the local housing authority.
    "We expect the impact of these changes on the buy-to-let mortgage industry to be minimal," said Andrew Moss, buy-to-let product manager at Mortgage Express. "Lenders will have already adapted their underwriting criteria to mirror the changes and, as our research demonstrates, landlords are aware of the changes and are reacting accordingly."
    However, broker Landlord Mortgages gave the legislation a cautious welcome, warning that the property market should not be stifled and that affected landlords may "feel the pinch".
    Buy-to-let mortgage lending totalled £14.6 billion in the second half of 2006, with a record number of buy-to-let mortgages approved, according to statistics from the Council of Mortgage Lenders (CML). As with any mortgage, lenders who cannot afford repayments risk damaging their credit rating.




Next :  Watchdog slams 'unfair' credit card charges 		 

Skipton
Credit Advice : About Callcredit : Privacy Policy : Terms & Conditions : FAQs : Contact Us : Site Map : Useful Links :
© Callcredit Limited 2005 - 2009. All rights reserved. MyCallcredit is a trademark of Callcredit Limited