The buy-to-let boom shows no signs of slowing down and new landlords should ensure they’re fully aware of their legal responsibilities, Carter Lemon Camerons’ residential property specialist Prodromos Shakallis has said.
The latest figures from the Council of Mortgage Lenders (CML) reveal that the number of buy-to-let mortgages given to landlords rose by 22 per cent in May.
Overall, 19,100 buy-to-let loans were approved that month and these were worth a collective total of £2.7 billion.
The buy-to-let sector has outperformed most other investments in recent years, and the low rate of interest being paid to savings accounts is often cited as one of the main reasons for this trend, with many people actively attempting to maximise their returns.
While wealthier landlords receive tax relief at 40 per cent and 45 per cent, this is set to be restricted to 20 per cent by April 2020, as confirmed in the Chancellor’s recent Budget.
Buying or selling a property can be a stressful experience. For many people, buying a house also represents one of the biggest financial investments they will ever make. If you require legal advice on any stage of the process, the Carter Lemon Camerons’ property team are available to help. For more details please email Prodromos Shakallis.