Buy to let mortgage customers could be left confused by Budget

26 March 2010

Written by David Whittaker

There could be a surge in applications for buy to let mortgages after Alistair Darling's Budget left some buyers confused.

According to the Times, the Treasury website crashed as house buyers and estate agents alike tried to decipher what exactly his plans meant for them.

Furthermore, some sales of houses worth more than £1 million were rushed through on Wednesday evening (March 24th) as many thought the five per cent rate for properties over this price range was coming in straight away.

Individuals who plan to obtain a buy to let mortgage so they can invest in property to rent to others may be among those who think the race is on, despite the actual April deadline.

"The announcement has already spurred homeowners into action, causing the site to experience higher than usual traffic levels and searches for £1 million-plus properties," Andrew Smith, of Primelocation.com, explained to the newspaper.

Mr Darling's Budget has "failed the private rented sector", the Association of Residential Letting Agents recently said.

Operations manager Ian Potter asserted the long-term availability of affordable accommodation to rent had not been supported by the chancellor.

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