Mortgage deals for landlords reach record high despite buy-to-let crackdown


Published : 11th July 2018

News

The number of buy-to-let deals available for first-time landlords has reached a record high, despite recent tax and regulatory upheaval.

 There were 1,268 such loans on the market at the beginning of July, a 13pc increase from 1,123 in January, according to financial researchers Moneyfacts. A year ago there were 1,034 loans available. Charlotte Nelson of Moneyfacts said the rise was likely to have been caused by lenders competing for new business.

 Ms Nelson said: “Despite market uncertainty, providers are certainly not shying away from offering deals to this risky group. Lenders know all too well that many borrowers on their mortgage books will be coming to the end of their term and reassessing their deal, so they need to attract new business.”

 The increase could also be due to providers Accord, Sainsbury’s Bank and The Mortgage Lender entering this market this year.

 Landlords have had to pay an extra 3 percentage points in stamp duty on second homes since April 2016. The Government also increased landlords’ tax bills by phasing out their ability to deduct mortgage interest.

 
Source:- https://www.telegraph.co.uk/personal-banking/mortgages/mortgage-deals-landlords-reach-record-high-despite-buy-to-let/