Don’t trick the system

Regulators and lenders are cracking down on those applying for buy-to-let loans when purchasing their own homes. Although buy-to-let mortgages are not regulated, authorities are becoming more strict and if borrowers get caught, they could face heavy penalties. This comes amid various other attempts to regulate the property market, including increased ‘stress testing.’ These changes will hit first time buyers the hardest as they are the ones who tend to apply for higher loan-to-income mortgages.

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