The Sunday Express reported this weekend on a 20% increase in the number of Buy-to-Let mortgages being taken out compared to last year, with cheap mortgage rates, low property prices and strong rental demand said to be contributing factors. The Mail on Sunday also looked at the rise in accidental landlords, as borrowers struggle to sell their properties in a weak market, and are forced to let them out. Elsewhere the Times discussed the issues surrounding the ‘Bank of Mum and Dad’, following research from HSBC which indicates that more than half of family members who help First Times Buyers want their money back, and 75% of those ask for interest on the loan. Brokers warned that if the deposit is given as a loan, this could count as a commitment and reduce total borrowing. Many lenders will in fact only accept a family assisted deposit if it is in the form of a gift.
What the papers say – 17th and 18th November 2012