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  • Section 24 HQ

    Dramatic 80% slump in BTL lending

    The Bank of England has issued gloomy figures on buy to let lending, suggesting the clampdown on mortgage interest tax relief and the stamp duty surcharge have finally had a significant effect on demand.

    The BoE says just 12.7 per cent of mortgages in the final three months of 2017 went to buy to let investors - that’s the lowest level since 2013, and sharply down on the 14.4 per cent and 16.3 per cent figures for the same period of 2016 and 2015 respectively.

    “Lending for buy to let was subdued as the impact of the stamp duty surcharge and the phased introduction of changes to mortgage interest tax relief continues to act as a deterrent for some. It is more likely to be would-be novice landlords having second thoughts about investing in property as we are seeing experienced investors remain committed to the sector, with a significant proportion incorporating” according to Mark Harris of mortgage broker SPF Private Clients.

    Full/source article 

    Related discussion:  BTL Bubble Bursts - Telegraph article

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    The storm is gathering

    and no body cares 

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    This is good news as far as the government is concerned. They want BTL lending to reduce.

    Also I'm a little sceptical of the figures quoted. Does it account for BTL landlords that are now buying via Limited Companies?

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    I wonder if this 80% drop is just BTL mortgages taken out in the Landlords personal name, or does it include Ltd company BTL mortgages too.

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    Whatever it was, it's history now - and I bet the picture has changed quite a bit over the 14 months since this thread was started.

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