HBOS' restriction on the number of buy-to-let properties that an investor may hold in his portfolio has angered brokers.
Residential property investors were previously able to have a maximum of 45 properties in their portfolios across the group, with 25 properties resting with BM Solutions, 10 pro-perties with The Mortgage Business and 10 with Bank of Scotland.
HBOS has now reduced this number to 10 prop-erties across the whole group, a move which has angered brokers, who say it is unsatisfactory.
They say it means HBOS is looking at buy to let from a group perspective rather than from the perspective of its five brands, as it felt it had too much exposure to the buy-to-let market.
Savills Private Finance associate director Simon Jones says: “This is quite unsatisfactory and has left a bad taste in our mouths. HBOS' multi-branded app-roach seems to have gone against it in the buy-tolet sector, which it now seems to be looking at on a group basis.”
Halifax spokesman Paul Fincham says: “You would expect a multi-branded lender to have sense checks in place – this is helping borrowers grow their buy-to-let interests in a prudent way.”
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