News / General


By SLAS Spokesperson

It has been reported that the Portman Building Society now refuses buy to let mortgages on new flats. This market has been so attractive for many years that it now may have reached a situation of over supply. The previous strength of the demand has been artificially inflated by the availability of self certified income mortgages and the use of discounts on prices to take the place of supposed deposits. The demand may have been stimulated again by the prospect (suddenly now dashed) of the availability of 40% tax relief on the purchase of buy to let properties if these are counted as part of a pension fund. That prospect now appears to have been removed. It appears therefore that there is a danger of a sudden decrease in demand meeting a state of over supply, which should, at least logicially, have a deflationary effect on prices

By A Member


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