Sunday, 18 March 2012

Buy to Let mortgages 'on four out of ten rental properties'

Four out of ten properties are rented properties in the PRS are buy to let mortgages following an question I asked of the minister. 

This is predominantly amateur and long distance landlords leveraging debt against the property and a much higher cost than normal or commercial credit, the cost of that and of cottage industry and cowboy procurement being borne by the tenant. 

There are 3.6 million  PRS properties equating to 1.4 million with BTL mortgages.

BTL mortages have according to one study added 6% to the cost of all housing.

BTL mortgages 'on four out of ten rental properties'
Residential Landlords Assoc.
The estimate was made by Communities and Local Government minister Andrew Stunell in response to a question from Labour MP Graham Jones asking about “the ...