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Change in lifestyles brings buy-to-let boom

Sun Bank is predicting a boom in the buy-to-let market after revealing a

67 per cent increase in applications for the first six months of 2001 over

the same period last year.

The lender believes the buoyant property market and lifestyle changes are

behind the increase.

It also cites tax changes which have resulted in limited companies buying

more rental properties. The move introduced in the 1999 Budget makes it

beneficial for landlords to set up limited companies through which they can

buy additional properties.

Sun Bank says it is seeing an increase in repeat lending to borrowers

building up a portfolio of property.

There has also been an increase in the number of expatriates using buy to

let to give them a home to which they can return at a later date.

Sun Bank believes interest rates will remain low in the medium to long

term, meaning the cost of borrowing will remain cheap.

Marketing director Chris Cummings says: “The property market remains

buoyant. It is attracting people into the buy-to-let sector who see it as a

great way of investing for the future. It is very acceptable to rent,

especially in light of job mobility and flexible working patterns. These

days few people live in Coronation Street communities with relatives all

around.”

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