Since the financial crash back in 2008 and the recession in the UK the property market has fluctuated, where many did not believe growth would be possible. However for the first time in years the market is booming. Statistics show buy-to-let loans over a decade ago accounted to 4.3% and now account for 13% of outstanding mortgage.
The governmental scheme introduced earlier this year has taken effect, with lenders joining the scheme. Lenders joining the scheme have relaxed their lending criteria for home buyers and businesses. One of the latest Lenders to join the governmental scheme was Santander. The scheme which was implemented to improve availability to home buyers has pushed down mortgage rates on buy to let loans whereby landlords are offered lower rates starting from as low as 2.5%.
Although many skeptics are worried the housing boom is unsustainable the latest property market growth seems worlds away from the days of recession.
Rebecca Gunn specialises in Employment law, Commercial Property & Residential Property and is a solicitor in our Leicester office.
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