While rising property prices may be a hindrance to First Time Buyers in today’s market, the Independent reported this weekend that for existing homeowners now is the perfect time for remortgaging. Research shows there are now around 300 more deals available than this time last year, and rates have dropped in recent months. As a result of low rates and wider choice, the Financial Times reported on figures from the Council of Mortgage Lenders (CML) showing a 12% increase on lending since last year.
For Buy-to-Let investors the future might not look so rosy. Experts in the Times suggested that the loss of tax relief for Buy-to-Let, announced in this summer’s Budget, is already forcing potential landlords to rethink entering the market, and existing investors are likely to start evaluating their portfolio. There are also hints of tougher affordability rules, which could make securing a mortgage more difficult, while the Independent on Sunday also looked at the new Immigration Bill, which will require every landlord to check the immigration status of anyone paying to stay at their properties.
Elsewhere, the Sunday Express highlighted the problems experienced by older borrowers trying to secure a mortgage or personal loan, despite many people now working past standard retirement age.
The Sunday Times reported on the rise in people downsizing by building a small property in their garden whilst selling the larger property, or selling off land with planning permission in place, following the Government’s relaxation of planning rules.
What the papers say – 24th and 25th October 2015