BCCT’s Financial Weekly with 10x Wealth Management (Scott Kingsley)
Should YOU buy-to-let? Landlords have been thrown a lifeline, with slashed stamp duty, better mortgage deals and new tax benefits revitalising the market
- Stamp duty cut sees rise in investors tempted to snap up property
- Those tempted should aim for areas where rents are rising
- There are also warnings over an unstable property market and coronavirus hitting tenants’ pay
Buy-to-let was one of Britain’s best-loved investments before crippling tax blows caused many landlords to lose interest.
But now buy-to-let has been thrown a lifeline. Slashed stamp duty, better mortgage deals and new tax benefits all mean landlords are flocking back to the market.
However, with unemployment predicted to soar to four million by the end of the year, lenders are not taking any chances.
Here, we tell would-be landlords all they need to know…
Surprise stamp duty savings
Buy-to-let broker Mortgages For Business saw a record 4,000 extra visits to its website within hours of Chancellor Rishi Sunak’s stamp duty break announcement on July 8.
Online property portal Zoopla also recorded a 15 per cent rise in investors looking to buy homes, while online estate agent, Strike, in the North of England, saw an increase of between 10 per cent to 15 per cent in buy-to-let mortgage enquiries.
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