A recent report in the Daily Mail shows that mortgages given to buy-to-let landlords have decreased over the past year.
A raft of new tax rules along with more stringent mortgage rules has meant that fewer would-be landlords have been granted mortgages for buy-to-let properties.
In a bid to help more first-time buyers get onto the property ladder, the Government has bought in a variety of regulations aimed at making it more difficult for people to become buy-to-let landlords or to increase their property portfolios. These include the Bank of England introducing stricter lending guidelines, limiting the tax relief landlords can claim on their mortgage and other costs associated with a buy-to-let property, and a 3% stamp duty surcharge.
Only 5,500 mortgages were granted for buy-to-let purposes in March, a reduction of 19% on the same time in 2017 and financial experts are predicting this number will continue to fall over the next few months.
Less Casual Buy-to-Let Landlords Due to Changes
The buy-to-let property market has changed significantly over the past couple of years, with many casual landlords deciding that the overheads concerned with owning a buy-to-let property have squeezed their profit margins too much for them to continue, leaving them in a position where they need to sell my house fast. On the other hand, those with sizeable property portfolios are continuing to invest in the buy-to-let market.
With many landlords wanting to offload their properties, problems can arise in difficulties in selling. Often the properties are in areas where there are already a high number of rental properties and are less attractive to first-time buyers.
A fast house sale can prove difficult, as many landlords are forced to wait months or even years for a buyer to come along. If they already have tenants in situ, this can compound the matter and make selling even more troublesome. However, there are solutions for anyone who in a position where they need to sell my house fast.
Property buying companies allow landlords wanting to offload their rental property an option for a quick way to sell my house for cash. Often the transaction can be done with weeks, even days in some circumstances, and in most cases the state of the property is not an issue.
Often a quick house sale for cash can save a landlord money down the line, particularly if they are struggling to attract tenants, or need to invest more money into costly repairs to their property. The longer they continue to keep the buy-to-let property, the more mortgage they will have to pay, along with increased income tax. The months, and often years, it can take to sell a property can be extremely stressful and increasing expensive as time goes by making a fast house sale a necessity.