Buy-to-Let Mortgages set to change
21st September 2010
Some of you may have seen a change in the Lloyd's group policy announced late on Friday. See below, and then see what our thoughts are on this, and what you need to do this week:
"We are writing to let you know about some changes we are making to our Buy to Let proposition. Like any lender, we constantly review our offering and make changes where appropriate.
From 25 September, Buy to Let property portfolios will be limited to a maximum of three properties, or £2m worth of lending (whichever is exceeded first), across Lloyds Banking Group. At the same time, Buy to Let products will no longer be available via intermediary channels through either the Cheltenham and Gloucester or LTSB Scotland brands.
These changes mean we will continue to support the vast majority of landlords through our leading specialist Buy to Let brand, BM Solutions, helping to ensure that we are providing a competitive and appropriate proposition.
The changes will be effective from close of business on 24 September.
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