Will there be further buy-to-let changes?
The changes brought in over recent years for buying property to let may not be the last, experts have suggested.
Buyers have seen cuts to mortgage interest tax relief and a three per cent surcharge on stamp duty; what’s more, tighter rules on affordability tests were introduce in April 2017 and are being phase in over a period of four years. The rules, which affect all residential landlords, have resulted in a reduction in the number of buy-to-let mortgages taken out. With numbers in March 2019 down 9.1 per cent on the same month in the previous year.
With the current political turmoil and the chance of a change in government, landlords should not rule out the possibility of more changes in the future. Which may include further cuts to mortgage interest tax relief. Adrian Moloney from OneSavings Bank has said that while HM Revenue & Customs currently seems satisfied. With the tax coming in from landlords, it is difficult to know what a future government might do.
For example, Jeremy Corbyn has previously talked about Labour focusing on the housing market. With ideas such as extending the right to buy to tenants of privately rent properties. In April 2019, the government proposed a consultation on stopping landlords from evicting tenants at the end of their contracts without a reason.
Smoothing the process
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