Buy-to-let lenders are cracking down: Should I remortgage my properties early to escape being hit?
I’ve just remortgaged one of my buy-to-let properties with The Mortgage Works who told me that far from needing my rent to cover my mortgage by an extra 25 per cent, it now needs to cover it by an extra 45 per cent.
The change really threw me and meant that I ended up putting in extra equity to the property to pull the loan-to-value and rate down.
I have four other buy-to-lets, all of which are due to be remortgaged fairly imminently but I am still in the period where I'll need to pay early repayment charges to remortgage now.
Are all lenders going to require this much more rent or can I... read more
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