The majority of buy-to-let mortgage holders are prepared for new regulations coming into force today that will affect homes in multiple occupations (HMOs), new research suggests.
A survey by mortgage lender Mortgage Express shows that 59 per cent of landlords know exactly how the new regulations will affect them.
Under the new HMO licensing law, buy-to-let mortgage holders will need to obtain a licence if they fall under a certain category.
Despite the fact that only a small number of landlords will be affected by the change in regulation, Andrew Moss of Mortgage Express maintains that it is important for buy-to-let mortgage holders to be aware of the rules.
He said that the result of the survey, in which over 2,000 of the mortgage lender's buy-to-let mortgage customers were polled, is "encouraging".
Mr Moss, the buy-to-let product manager at the mortgage lender, added that the impact of the rule changes on the buy-to-let mortgage industry is likely to be "minimal".
"Lenders will have already adapted their underwriting criteria to mirror the changes and, as our researcher demonstrates, landlords are aware of the changes and are reacting accordingly," he concluded.
Buy-to-let mortgage holders ready for changes, survey suggests
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Buy-to-let mortgage holders ready for changes, survey suggests
Thu, 06 Apr 2006
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