Investing in buy-to-let property is on the verge of
becoming unaffordable for middle-class savers as stricter lending rules mean
they will soon need at least a 40pc deposit to qualify for a mortgage. New,
tighter lending criteria set to be enforced as early as this autumn by the Bank
of England will lock large groups of savers out Britain's rental market, and
limit it to an elite club of wealthy investors only. Under the new system
borrowers are likely to have to find nearly twice as much money for a down
payment on a property than at present, as around half of buy-to-let mortgages
sold today only require a 25pc deposit, according to figures from Mortgages for
Business, a broker. Read more on the Daily Telegraph website.
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