The Independent reports that the number of new buy-to-let loans among over-55s has more than halved in a year. This is attributed to higher interest rates. In the fourth quarter of 2023, only 7,980 “later life” BTL loans were granted. This compares to 16,930 in the same period the previous year. This decline represents around 22% of all BTL loans. It also has wider implications for the market. One commentator stated that older landlords are selling up due to the lack of rewards and tax efficiency, putting pressure on rising rents. While mortgage rates have fallen, the market is cautious because of the persistence of inflation, particularly when compared with the Government’s target.

BFS Comment:  

With signs that inflation and interest rates are expected to fall in 2024, if you need help in arranging the best BTL loans then call us at BFS. Let us find you the best deal for your circumstances.

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