Landlords ready for new regulations
Most landlords are ready for the new Houses in Multiple Occupation (HMO) rules that are now in place, research has found.
New research from Mortgage Express has found that 59% of its customers are prepared for the introduction of the rules that came in on April 6.
And the mortgage provider does not expect the new rules to have a significant impact on buy-to-let investors.
Andrew Moss, buy-to-let product manager at Mortgage Express, said: “The reality is that only a small proportion of properties within the lettings market need licences 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.”
He added that those lenders that needed to take action had mostly done so. “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,” he said.
“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.”