Remortgage now to avoid PRA rules from September?

I only have 4 properties, but fall into the ‘portfolio landlord’ category. The interest only mortgage on one expires in the middle of next year. I h

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I only have 4 properties, but fall into the ‘portfolio landlord’ category. The interest only mortgage on one expires in the middle of next year. I have approached the NLA mortgage team and found I can remortgage to Kensington, Paragon or Aldermore, albeit with a monthly increase of £80 – £100. (All mine seem to be on very low SVRs!)

The rental income easily stacks up, so no problem there, and the tenants are my tenants from heaven, having rented the house since 2010 and never missed a payment. One lender requires proof of 12 months rental payments on ALL the properties (which is no problem), but none so far are asking for personal income and expenditure details.

My choice is a bit limited, because I’m in my 60s and not all lenders are happy to lend beyond retirement. I also have a personal loan and credit card balance, which are easily affordable, but will I fall foul of the the tightening of the rules if I wait until next year to remortgage?

I’m even thinking I may have left it too late to avoid the new rules, if the process takes a few weeks?

I haven’t mortgaged/remortgaged for about 10 years so I’m having to get up to speed on the latest regs!
Any advice, and also any broker recommendations, would be welcome.

Thanks in advance:)

Annie

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