Nationwide’s The Mortgage Works has called on Government to introduce four measures to build a stronger private rental sector. The Mortgage Works – Nationwide’s buy-to-let lending arm and one of the UK’s largest providers – is asking the government to use the Spring Budget to introduce four key actions that will help build a stronger private rental sector.
The Mortgage Works is calling for a moratorium on all but essential new regulation in the private rented sector following the introduction of the Renters (Reform) Bill. A moratorium would provide certainty for landlords following a period of change and allow Government to assess the impact of the Renters (Reform) Bill on improving the sector.
It will allow landlords to focus on providing quality homes for their tenants and fostering better landlord tenant relationships. It has also urged the government to incentivise landlords to carry out energy efficiency work and to increase funding for social housing.
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It also wants a review changes to mortgage interest relief and landlord taxes. Damian Thompson, Director for The Mortgage Works said: “Landlords are a partner for the private sector and the Government in driving the economy forward. The private rental sector provides homes for where the UK workforce is needed most. However, the current taxation system is counterproductive, hampering progress within the UK economy, and negatively impacting tenants and landlords.
“Without the Government permitting landlords to offset mortgage interest against their rental income or making equivalent interventions, tenants will face reduced choice, increased rents and potentially less well-maintained homes, and the UK economy will suffer as a result.”
The Mortgage Works is the second largest buy to let lender in the UK with assets of £42.4bn, providing landlords with finance for their rental properties. The award winning business supports over 330,000 landlords, via c.700 dedicated team members, primarily based in Bournemouth.
