New rules are to be introduced from next year on the criteria landlords will need to meet in order to get a mortgage.
The Bank of England’s Prudential Regulation Authority will require lenders to test whether landlords will be able to meet their mortgage repayments if interest rates rose to 5.5% over five years.
The authority is also recommending landlords have a monthly rental income of 125% of total monthly costs. Some lenders have already introduced a requirement for a level of 145%.
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