Building society’s changes arrive as the Bank of England attempts to rein in buy-to-let lendingNationwide building society is tightening up its criteria for lending to buy-to-let landlords ahead of changes to how much tax relief they will be allowed to claim against their repayments.
Landlords who take new loans from the society’s specialist arm The Mortgage Works (TMW) will only be able to borrow up to 75% of a property’s value,instead of the current 80%, and will occupy to prove that their rental income is at least 145% of their monthly mortgage payments. Currently the figure is 125%, or in line with most other lenders.
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Source: theguardian.com