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New lender criteria did not deter landlords in 2017, says Accord

Landlords showed extreme resilience in 2017, new data has revealed, with 57% of the mortgage applications received by Accord Buy To Let coming from those affected by new regulation.

Despite Accord only introducing new criteria for landlords in September 2017, it saw a large influx of applications (32%) from portfolio landlords with four or more properties.

Meanwhile, 18% of the applications Accord received since April 2017 were from single property landlords in locations where they or their relatives have previously lived.


New investors have not been discouraged from entering the market despite changes to the buy-to-let sector, including the additional 3% stamp duty surcharge and the phased reduction of mortgage interest tax relief. In fact, first-time landlords made up 7% of the lenders total applications.

Accord expanded its services to new property investors in July 2017 and saw a boost in applications in November, equating to 11% of the total number of mortgage applications it received last month.

Chris Maggs, commercial manager at Accord Buy To Let, commented: “We have seen a significant demand for buy-to-let mortgages from both experienced and first-time landlords this year.”

“Last year, Accord, like many other lenders, adapted its mortgage offerings to meet the changing needs of the market,” he continued. “Equally, as new regulation was implemented, landlords have begun to adapt to ensure their business withstands the changes.”

“This doesn’t negate the fact that things are still tough for landlords, and hopefully 2018 will give them some breathing space to take stock of the changes. However, landlords have demonstrated resilience when presented with challenges in the past, and I’m sure that will continue in 2018.”


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