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BTL Lending Criteria

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I've noticed btl activity in Oxford drop light a stone since about June last year. Flats in particular aren't shifting at all. I  first put this down to the stamp duty and tax changes but I think the MAIN force driving this is the new lending criteria from the banks of 145% rent cover at 5.5% interest. In Oxford that means almost every landlord would need at least 60% of deposit including remortages. In Oxford that is a big number with most flats in excess £350,000. 

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