Buy to let landlords are complaining that government moves to cool the market have made loans harder to get.

The Bank of England laid out a set of new rules for landlords looking for buy to let mortgages six months ago.

They were in response to gripes that first-time buyers were priced out of the market by property investors and concerns that having too many buy to let mortgages on their loan book could undermine the finances of some lenders.

Now, six months after lenders started applying the rules, two out of three landlords say too much red tape is stopping their borrowing. This rises to 70% of professional landlords letting out four or more properties.

Landlords also commented that the new rules have slowed the borrowing process (48%) and that fewer buy to let mortgages are available (46%).

“These findings show that the changes seem to be greatly affecting the ability of landlords to find new finance and increase their portfolios.

“Given that the private rented sector now makes up 20% of the housing market, it is vital that professional landlords are incentivised to continue providing good quality affordable housing to those who need it. This appears to be achieving quite the reverse.”

“Landlords looking to add new properties to their portfolios need to be conscious of the new requirements. We suggest talking to your mortgage broker or bank before committing to any new property.”

Meanwhile, The Times claims buy to let mortgages are easier to source despite lending falling to a four year low in 2017.

John Eastgate of Kent Reliance, a specialist buy-to-let lender, told the paper:

“The fall in the buy-to-let sector is mainly due to a fall in the number of amateurs. Arguably, the market was growing too fast, driven by people who didn’t fully understand the risks.

“Being a landlord is a job, it’s not a way to make a quick buck.”