Sat 09 Jun 2012
The European directive on credit agreements relating to residential property (CARRP) has had its final amendments voted through. The UK government will be allowed to exempt buy-to-let mortgages from the directive, lifting the threat that all buy-to-let lending would have to be assessed without taking rental income into account.
It had been proposed that buy-to-let lenders would have to assess mortgage applications in exactly the same way as residential mortgages. This would have a highly damaging effect on the UK’s buy-to-let market which has played a highly useful part in shoring up the housing market.
None of the changes are quite a done deal, as the legislation still has some way to go, but pundits took encouragement from yesterday’s decisions. The UK government will actively have to enforce the buy-to-let exemption, and can only do so if they are convinced there is no detriment to consumers. The Government will now come under renewed pressure to make the exemption.
Further information can be found here: http://www.fsa.gov.uk/about/what/international/mortgages
Living Property, 09/06/12, www.livingproperty.co
"Living Property at Beccles 5 stars ! I own two properties in the UK. The one in Worcestershire is managed by a national chain and although I am quite satisfied by their service the difference in management skills is vastly different. At Living Property I need only send one email or make one phone call to ask Kim or Paula and their team to sort out the most complex of problems and they do so without delay without having to constantly refer back to me. Unlike my other property there is no waiting to send out a contractor to change locks, clean a carpet or fix a fence. I live abroad with a six hour time difference and my property has been nothing short of a nightmare listing for them from the start. To date they have dealt with a fire resulting in a complete refurbishment, Fire chiefs, insurance agents, contractors of every description plus difficult tenants. All were dealt with professionally and efficiently. I am certain that the "national chain" would have dropped this property from their books by now. Not the team at Living Property. Despite all this they quickly found me a perfect family. I cannot recommend them highly enough. J Taylor "