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Lloyds: buy-to-let cap

Tuesday, September 15, 2009

Source: Catherine Deshayes

Lloyds Banking Group, which includes HBOS and its former subsidiaries, has abruptly reduced the maximum amount it will lend to landlords...

In a message to mortgage brokers on Friday it said that, as of yesterday, new lending to landlords would be capped at £3m with a maximum of nine properties.

Previously, the group would lend up to £6m against 18 properties.

And before the merger, the two groups would lend a combined total of £14m without a limit to the number of properties secured.

'It has become very tough for landlords,' said David Hollingworth of broker London & Country in Bath, Somerset.

Landlord lending has shrunk by an estimated 75per cent since 2007.

Source: www.thisismoney.co.uk

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