Amateur landlords will face tighter borrowing rules and
stricter affordability tests under plans by the Bank of England to crack down
on buy-to-let lending. The Prudential Regulation Authority (PRA) - the arm of
the Bank that regulates banks and the financial sector - said it wants lenders
to make income checks more stringent for buy-to-let investors and test whether
they can still afford their regular repayments at higher interest rates. The
PRA said while most lenders already met minimum requirements for lending to
buy-to-let borrowers, it found some had weaker underwriting standards. Read
more on Yahoo! News.
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