“He was just enquiring at the time, so we didn’t proceed with anything. He came back to us recently wanting to proceed with TMW. Due to new changes to rental income stress tests and general affordability test his maximum mortgage came back at £160,000.
“Thankfully, we have found another lender for him who can provide him with the level of mortgage that he needs, but his payments have now gone up by a minimum of £200 a month,” Mason said.
He added: “It’s a tough market for landlords now, and it is a real skill to be able to get a mortgage deal that not only makes financial sense for them as an investor but will also ensure that their loyal tenants aren’t being overcharged and lost.”
jane.matthews@ft.com
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