New data from HMRC has revealed that a quarter of all residential properties purchased in the summer were either a buy-to-let investment or a second home, despite April's rise in stamp duty
Over 56,000 of the 235,000 properties acquired between July and September this year were either a buy-to-let or an additional home, surpassing predicted industry figures.
As the buy-to-let industry continues to flourish, despite the tax changes, we have continued to work closely with our broker partners to enhance our product offering for landlords and investors. We recently announced the launch of a five-year fixed buy-to-let mortgage, a reduction in rates on our first charge buy-to-let products and an increase in maximum loan size, with loan-to-values of up to 75 per cent.
While our five-year fix gives landlords and property investors peace of mind that their payments won’t change, we’ve also lowered our rates on first charge buy-to-let mortgages, with the aim of helping buy-to-let investors with their affordability calculations as they adapt to the new tax implications.
Finally, our maximum loan size has been increased to £500,000, which is great news for investors, given the continuing rise of house prices, with London averages now standing at £474,736, according to the Nationwide House Price Index in September.
This raft of changes reflects how we use feedback from brokers and our customers to continually improve our offering. We want to ensure that buy-to-let investors; be they first-time landlords, seasoned property professionals or limited companies, have a broad choice of products with competitive rates.
For more information visit www.togethermoney.com
