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The Property Podcast
ASK444: Is this Labour rumour true? PLUS: Does my refinancing plan work?
Sep 3, 2024
This week dives into intriguing rumors about potential changes to landlord regulations by the Labour Party, including a French-style hardship test for renters. A listener considers a bold investment strategy of buying and refurbishing properties to refinance, sparking discussions on how banks assess mortgage applications. Key factors like rental income, property value, and personal credit history come into play, revealing interesting insights for both seasoned investors and newcomers.
08:21
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Quick takeaways
- The Labour rental reform bill is uncertain, potentially incorporating elements from past proposals that could challenge landlords with new hardship tests.
- When refinancing an investment property, lenders assess property value and consider factors like rental income, credit history, and personal income levels.
Deep dives
Potential Changes to Rental Reform Legislation
The discussion highlights the uncertainty surrounding the upcoming rental reform bill proposed by Labour, particularly in light of previous failed attempts. The new legislation is expected to combine elements from past proposals while facing parliamentary scrutiny, leaving room for various amendments. One suggestion mentioned was inspired by French eviction laws, which may create challenges for landlords by allowing tenants to remain in situations causing them 'excessive hardship.' Despite these debates, the likelihood of extreme measures being enacted seems low, as a drastic overhaul could negatively impact the private rental sector, potentially resulting in higher rents and reduced supply.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode