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Last week, TMW changed to 125% ICR with 20% basic tax band applicant, with following conditions
But I am still confused, does maximum 3 properties include the properties with other lenders, or only count within TMW?
this sort of criteria will have impact on any one who is a 40% tax payer
Personal Investing for investor who is working full time
The days of when you worked and you purchased a BTL for a pension are coming to an end If you Leveraging
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
As you quote with or without a mortgage I would think it reasonable to assume it does include mortgages with other lenders.
Looks like even with large deposits lenders are still going to be restrictive.
So perhaps to ensure future remortgage circumstances it is worth reducing your letting properties to 3..If one sold off other properties potentially very small or no mortgage would be required.
So we have a sort of second type of S24.
Might as well downsize to be able to obtain the best mortgage products.
Hello Double Tiger
The portfolio assessment is not restricted to TMW mortgaged properties only, it is across the board.
They have always had the right to assess income, even though they have been known as a 'no minimum income' lender. The no minimum income is a criteria relaxation for the majority of cases due to the way they carry out their usual plausibility checks, however as a responsible lender (and part of Nationwide BS) so they have had the right to check income, since long before these new ICR rules. Same as BM Solutions and other lenders too.
TMW still offer some excellent products and can be accessed via https://www.PropertyTribesFinancialServices.com
Hope that helps.
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I am relatively new to buy-to-let and I am still looking to purchase my first property. I find this website really useful but sometimes new people on the forum like me do get thrown by some of the abbreviations you use. could we please write in full when the abbreviation is first used in the post and then use the abbreviation in the rest of the text please? What is ICR? I guess TMW is (the mortgage works). do you mean BTL and not LTB? many thanks.