Coventry Building Society has temporarily removed all buy-to-let mortgage products over 65% loan-to-value (LTV).
The society has made the decision due to the “ever-changing” coronavirus situation and its impact on the market.
Although Coventry BS has withdrawn these buy-to-let products, they will “continue to support the unprecedented number of requests from customers who require payment holidays, and process mortgage offer extensions for those in need”.
Hundreds of buy-to-let mortgage products have been withdrawn from the market due to the coronavirus outbreak, according to Property Master.
The online buy-to-let mortgage broker warns that buy-to-let landlords will now struggle to get mortgages as the impact of the Coronavirus sees lenders pull product ranges, tighten lending criteria and widen margins.
Angus Stewart, Property Master’s chief executive, commented: “The competitive and attractive buy-to-let mortgage market appears to be going into reverse as the impact of the coronavirus begins to bite.
“Landlords are finding that their borrowing options are being drastically reduced as lenders respond to this new record low base rate environment and fears of falling house prices by withdrawing entire product ranges.
“We have had clients mid-way through a mortgage application only to find the process is halted and the product withdrawn before they can reach completion and the release of funds.”
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