Providers of buy to let mortgages have made it still more difficult to obtain a buy to let mortgage.

The Mortgage Works, owned by Nationwide, is refusing applications for mortgages from property developers, which could prove to be a barrier for thousands of landlords when applying for remortgage deals in 2009.

The organisation will not accept applications from customers who own 25% or more of a property development business.

Meanwhile, highstreet lender said that landlords wishing to include bjy to let income on residential mortgage applications will have to prove that their rent revenue covers 125% of repayments, with the interest rate set at 7%.

This entry was posted on Tuesday, December 30th, 2008 at 9:55 am and is filed under Buy to Let Mortgages, Property Investment. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.