EU restriction on buy to let loans from 2016

EU restriction on buy to let loans from 2016

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Rangeroverover

Original Poster:

1,523 posts

112 months

Wednesday 22nd April 2015
quotequote all
My OH works for a national agent, she went to a seminar last night where head of barclays lending told them that due to new EU legislation as of 2016 buy to let loans not available unless you can show that you have the income (not rental income) to cover loans in case all your tenants default.

http://www.thisismoney.co.uk/money/mortgageshome/a...

Sounds like scare mongering but would make my life very tough when rolling over BTL loans as my job related income probably wouldn't be enough to cover all of them at once and I am only borrowed at about 50% loan to value on 4 properties.

Does anyone know if this is real?