If you are buy-to-let landlord Enable’s IFAs in Bishops Stortford can help you look at your options when it comes to expanding your property portfolios. Property investors have been urged to take advantage of Rishi Sunak’s stamp duty holiday by expanding their portfolios.
But maybe you have to get moving if you want to take full advantage of the opportunity. Some sources are predicting that the cut could benefit sellers as much as buyers, and they could start to take advantage of increased demand to raise prices.
“Landlords need to take advantage of the stamp duty holiday before the window closes in March next year.” Said Steve Olejnik, managing director of Mortgages for Business,
“Property investors are in a better position to qualify for a mortgage now that reduced stamp tax allows them to wield a larger deposit,” “furthermore, if the measures Rishi Sunak has put in place underpin property values, the cut will help those looking to remortgage as well.”
He thought that landlords might not appreciate that they might need to act while they are still well-placed to move forward and possibly in a better position than many owner-occupiers. “Landlords have been preparing since the start of the lockdown, remortgaging to enlarge potential war chests with an eye on bagging bargains in the future. “First-time-buyers don’t have that flexibility and owner-occupiers haven’t been remortgaging in the same way. That means landlords are currently very well-placed to seize the day,” said Olejnik.
Some 46% of landlords had been increasing the size of their loans – significantly higher than the long-term average of 38%. If you are a property investor looking to do the same Enable’s IFAs can help you look at all your remortgage options to take advantage of the Stamp Duty holiday before property prices start to respond.