The Property Podcast
ASK444: Is this Labour rumour true? PLUS: Does my refinancing plan work?
Sep 3, 2024
This week delves into the intriguing possibility of the Labour Party revising the renter's reform bill, possibly introducing a French-style hardship test. Is it just speculation or something more? Plus, a listener seeks guidance on a plan to buy and renovate properties, curious about how banks assess remortgage applications. What factors do lenders consider beyond just rental income? Tune in for insights on navigating these financial strategies and staying informed in the rental market!
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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