Buy-to-let landlords will be
boosted by the news that the Government’s review of
public sector land has identified space for 70,000 more properties.
Chancellor Alistair Darling revealed the details in his first
Budget as he announced a review to see if more long-term fixed-rate
mortgages can be made available.
He said: “The best way to improve long-term affordability
and stability is to build more homes. That is why we are committed
to three million more homes by 2020.
“So I can announce that in addition to the 40,000 already
under construction, we have through the review of public sector
land identified sites for 70,000 more homes.”
He added: “I also want more people to have the choice
of long-term fixed-rate mortgages. These protect borrowers
from risks and still allow them flexibility to move, or get
a new mortgage if rates go down.
“Today, however, most people in the UK have short-term
fixed-rate mortgages for two or three years, leaving them
exposed to interest rate rises when their mortgage deal ends.
“This is not the case in other countries, such as Denmark
where the majority of homeowners take out long-term fixed-rate
mortgages.
“I want to see more flexible and affordable long-term
fixed-rate mortgages for 10, 20 or even 25 years.”
Copyright © PA Business 2008
http://www.buenoinvestments.com/uk_property_investment.php
(UK property)
http://www.hm-treasury.gov.uk/
(HM Treasury)
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