Greater ‘appetite’ for buy-to-let properties after ‘topsy-turvy’ summer

3 11 2016

buytolet

From a landlord’s perspective, it has been a tough year, with a raft of changes designed to bring the booming housing market under control and create what the former chancellor George Osborne described as a “level playing field” between homeowners and investors.

Aside from the introduction of the stamp duty surcharge in April, the 10% Wear and Tear tax relief for landlords who rent out furnished homes has been abolished, leaving them free to only claim for the amount that they have spent, while mortgage tax relief is set to be phased out from next year.

In addition, the Bank of England’s Financial Policy Committee is being granted greater powers over the buy-to-let market, which will make it even harder to get a mortgage, while landlords have also been hit with new rules, which include having to check the residency of their tenants along with various health and safety regulations.

So whilst investing in property has long been perceived to be a safe alternative to the failing of the pensions industry, the reality is that the government’s decision to introduce a number of measures to curb the growth of buy-to-let landlords had prompted concern that the buy-to-let windfall may be coming to an end.

However, signs are that demand for buy-to-let properties is starting to improve once more, as illustrated by the latest HMRC data, according to buy-to-let mortgage specialist, Bob Young.

Young, the chief executive officer of Fleet Mortgages, commented: “Recent data from HMRC appears to show growing activity and appetite amongst buy-to-let landlords to purchase and, with a market highly sympathetic at the moment to those who are considering their remortgage options.”

Fleet mortgages believe that it is currently a good time for mortgage advisers to be supporting buy-to-let landlords looking to invest further in the private rented sector, and that is why the specialist buy-to-let lender has refreshed its entire product range with new products available for individuals, limited companies and those seeking finance for HMOs and multi-unit blocks.

 

written by www.landlordtoday.co.uk

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