Britain's buy-to-let landlords owe more than £200billion
on their mortgages - equivalent to the total size of Hong Kong’s economy. The
revelation about the massive scale of the debt fuelled concerns that the
buy-to-let market could be badly hit by expected interest rate rises and the
impact of government interference. The Council of Mortgage Lenders (CML)
published the figure as it claimed a combination of proposed tax and rule
changes could create ‘uncertainty’, and it urged ministers to consider the
risks. Brokers said the boom in buy-to-let mortgages had caused ‘micro bubbles’
in the housing market as landlords swarmed into profitable areas, pushing up
prices. The CML data showed the amount outstanding on Britain’s buy-to-let
mortgages has grown by £44billion in the past five years to reach more than
£200billion. Read more on the CML website.
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