Let-to-buy mortgages 'could be popular'

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Let-to-buy mortgages 'could be popular'

As the UK economy looks set to experience a downturn in 2008, let-to-buy mortgages will see an increase in popularity, it has been suggested.

Heidi Nuttall, mortgage consultant for the Alan Boswell Group, said let-to-buy policies will be attractive in a slow moving property market as they enable investors to purchase a new property while retaining their current home to let out.

The buy-to-let mortgage on the old property is subsequently paid off through rental income under a let-to-buy policy.

Some lenders may decline to assist with the schemes, however, because the property has not been successfully rented out before.

With Royal Institution of Chartered Surveyors housing market figures for November revealing a fourth consecutive month of gradual house price falls, Ms Nuttalll noted that let-to-buy becomes more attractive when the market is slow moving.

"I think it will become increasingly popular over the next year," she commented.
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