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  • Mortgages & Finance

    Mortgages for landlords letting to LHA/UC

    Welcome to the final instalment of "Finance Trending Topics" Week,  powered by Property Tribes' broker partner, John Charcol.

    The PT Brokers Team went through all the discussions in the Mortgages and Finances Tribe and looked to see which topics were trending.

    We then joined forces with John Charcol spokesman, Ray Boulger, to create a raft of exclusive video content addressing these issues.

    Today Ray addresses the issue of letting to tenants in receipt of LHA/Universal Credit and, in the footer of the thread, he discusses mortgage options for those people who do not own their own home:

    Commenting on news that NatWest bank plans to review its lending practices to address concerns that they prevent landlords renting to benefit claimants, David Smith, Policy Director for the Residential Landlords Association said:

    “With increasing numbers of benefit claimants now reliant on the private rented sector for a home we welcome NatWest’s decision to review its lending practices.

    “The RLA continues to urge the rest of the industry to do likewise so that private landlords are better supported to house vulnerable tenants.”

    The RLA last week wrote to the Treasury calling for it to work with stakeholders to address the problem of banks preventing landlords with buy-to-let mortgages renting to benefit claimants.

    It followed the case of Helena McAleer, a landlord from Northern Ireland, who had her mortgage revoked by NatWest because she was renting to tenants in receipt of housing benefit.

    The week shaped up as follows:

    Monday - Launch of "Finance Trending Topics" Week - discussing financing trends and the week ahead/Basic criteria to qualify for a BTL mortgage.

    Tuesday - Brexit from the broker's perspective/Is the BTL sector in decline?

    Wednesday - Mortgages for the self-employed/HMO mortgages in the light of new regulations

    Thursday - Lending for landlords in later life/Moving from small to portfolio landlord

    Friday - mortgages when tenants are in receipt of housing benefit or Universal Credit/Mortgages if you do not own your own residential property.

    The PT Brokers Team on 0333 363 6507 are here to provide all kinds of finance for the PT community. From BTL to limited company mortgages, and from HMOs to holiday lets, PT Brokers have access to the whole of market and can assist with all your financing needs.

    As part of the partnership, John Charcol have been providing a number of resources and guides to assist landlords.

    For example, there is the whole of market mortgage sourcing tool located on the "Mortgages" tab:

    We hope you have enjoyed "Finance Trending Topics" Week and thank you for tuning in and also to Ray for being our presenter!

    SEE ALSO  -           Lenders discriminating against LHA/UC tenants

    UP NEXT -               Growing a property portfolio - resources

    DON'T MISS -          Directory of "Themed Weeks" content