Mortgage rates remain extremely low – probably the lowest they have ever been. It is a good time to take advantage of fixing an interest rate for the next 4 or 5 years. Even the costs of changing lenders have been reduced. Call us if you would like a quote.
The July Budget announced a change in the taxation of Buy-To-Let mortgages. Up to now a landlord could obtain tax relief on all the interest paid on his buy-to-let mortgages, and if he were a higher rate taxpayer, that tax relief could be up to 40% or even 45% for the very wealth The Budget announcement confirmed that from the 6th of April next year, this tax relief would be limited to 20% (Basic Rate Tax) even if a landlord is a higher rate taxpayer. The Government is hoping this will result in fewer properties being purchased by landlords
and cool the market down a bit.
Those aged 55 and older may want to look at their Lifetime Mortgage options which would permit interest-only payment arrangements indefinitely.
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