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As a result of the implementation of the Mortgage Credit Directive, lenders have changed the way buy-to-let mortgages are regulated.

If you are purchasing a buy-to-let property and you have not lived in it before, your application should not be affected by the new rules.

According the Financial Conduct Authority, a consumer buy-to-let mortgage is “a buy-to-let mortgage contract which is not entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.”

Additional guidance

Some of the lenders have taken guidance from the Financial Conduct Authority, and they have confirmed their approach.

Aaron Strutt, product director at Trinity Financial, says: “NatWest's new buy-to-let proposition is straightforward. If it is the applicant’s intention to benefit from either house price growth or rental income, then the mortgage will not be classed as a Consumer Buy-to-let mortgage.

“The bank is still taking let-to-buy mortgage applications even if the applicant lived in the property at one point.”

Earlier this year Metro Bank announced it would stop accepting applications that fall under the consumer buy-to-let rules.

To secure a consumer buy-to-let mortgage, call Trinity on 020 7016 0790. 

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