The Telegraph - Landlords blocked from buy-to-let mortgages as banks avoid ‘high risk’ customers
Landlords looking to take advantage of the stamp duty tax giveaway have been blocked from mortgages as banks restrict buy-to-let loans to those with large deposits.
Aaron Strutt of mortgage broker Trinity Financial told The Telegraph that Vida Homeloans is currently the only lender offering buy-to-let loans to customers with a 15pc deposit and these loans are not available for properties in London
He said: “Some lenders have started offering lower deposit buy-to-let mortgages but they are charging a premium for the rates. The banks and building societies do not want to go through the hassle of lending to landlords when there is the chance they will need to repossess the property later down the line, so they have strict acceptance policies especially for those with smaller deposits.”