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Portman Building Society Cuts Off Lending For New Flats B T L

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The Portman Building Society on Wednesday became the first lender in the UK to refuse buy-to-let mortgages on new flats in a sign of growing fears about the stability of the sector.

The Portman, third largest buy-to-let lender in the UK, said it would avoid lending on new properties until “the market forces of supply and demand” had returned to equilibrium.

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I think this news is almost more significant than the pulling of resindetial properties in SIPPs.

The credit cycle is finally turning and credit tightening is beginning to set in. Other lenders will soon follow suit, and funding for newbuilt BTLs will dry up, leading to a quick price crash in newbuilts. There are other signs of credit tightenting too: banks agreeing to share data to prevent people from borrowing too much on creidt cardsfrom different banks an the pulling of 0% credit card deals and the introduction of balance transfer fees to deter the "rate tarts".

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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