Listen, the last thing that I want to be is the bearer of bad news but I guess you're better hearing it from me than someone else.
Just heard on the grapevine that Birmingham Midshires, as from 21st January, are increasing their minimum values on properties that they will lend on. Many of you who are investors will have Birmingham Midshires mortgages especially if you fish at the bottom end of the property market beloved of those who are more interested in the yield than capital growth. They were the go to lender in this market as they had a minimum value/purchase price of £40,000. They have now decided to step in line with the other lenders and their minimum criteria will now rise to £50,000.
Not sure where we go from here in relation to the lower end of the market if you are looking to purchase a property with funding. It really will be a problem to find funding at that kind of level!