Mortgage Express reveals HMO preparedness
Andrew Moss, buy-to-let product manager at Mortgage Express, commented: “We have asked over two thousand of our landlord customers if they are aware of HMO licencing and encouragingly 59% are up to speed. The reality is that only a small proportion of properties within the lettings market need licenses but all landlords should read up about the licences to make sure they are not affected as the fines are hefty for those who flout the law.
“We expect the impact of these changes on the buy-to-let mortgage industry to be minimal. Lenders will have already adapted their underwriting criteria to mirror the changes and, as our research demonstrates, landlords are aware of the changes and are reacting accordingly.
“The standard of rental accommodation in the UK has increased significantly over the last decade. This new legislation is a welcome move that should further raise the standard of accommodation in larger rental properties and have a positive impact on the reputation of the industry.
“Passing the responsibility to local authorities to grant HMO licenses means any issues will be dealt with at local level by those who understand the local rental market.“