Budget 2009 outlined - buy to let mortgages

23 April 2009

The chancellor has given his Budget speech to the House of Commons, outlining proposals that may be of interest to those with buy to let mortgages.

Alistair Darling stated that he wants to help people avoid repossession and that he intends to support the housing market, which is being "held back" by a lack of home loans.

He introduced a scheme for the government to guarantee mortgage-backed securities, a move that was hailed by industry bodies.

Council of Mortgage Lenders director general Michael Coogan said that this "potentially offers an opportunity to restart the capital market funding for mortgages".

The chancellor also revealed that the stamp duty holiday - which exempts property sales of £175,000 or under from the tax - will continue until the end of the year.

Mr Coogan welcomed this, saying that the Budget will offer "some relief to support the new-build housing market," but added that it will not "significantly improve" the industry in the long-term.

Why not take a look at our best Buy to Let mortgages and make an enquiry online now.