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Saturday, April 28, 2012

Buy-to-let Mortgage Changes - Final Vote

I have already mooted the prospect of the death of the buy-to-let mortgage.
The Eurocrats are desperate to spoil our party were due to be voting on the proposal before the European Parliament's Economic and Monetary Affairs Committee on the 25th April.
It seems that the Eurocrats can't agree the raft of proposed amendments.

The problem with the proposed legislative changes is that it will bring to an end to the buy-to-let mortgage as we know it where borrowing is assessed against the affordability criteria on each separate buy-to-let investment by taking account of rent and repayment costs.  Instead, as is the case in the rest of Europe, affordability will have to be measured by taking into account a landlords overall income.

The key thing is whether the Coalition will have the courage to press the opt out button to this bit of legislation which is due for approval in 2013.  Come on David step up to the plate and protect the landlord mortgage at a time when the country needs more rental property and more landlords. 

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