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HOUSING activists launched a campaign advising against buy-to-let investments yesterday after new government rules allowing pensions to be cashed in came into force.
PricedOut unveiled its sister website Buy-To-Regret in an attempt to raise awareness of how it could leave house buyers as well as renters worse off.
Spokesman Duncan Scott told the Star: “PricedOut’s central aim is for a housing market that is affordable to people on ordinary wages.
“We are worried about the extra demand that a surge in buy-to-let mortgages would bring, pushing already unaffordable house prices even further out of the reach of working people.”
He added: “We hope that by persuading potential buy-to-let pensioners against using their pension in this way will give more people the opportunity to buy a home of their own.”
The website also provides guidance on the risks of investing one’s pension on a mortgage, the taxes involved in buy-to-let and alternatives for pensioners looking to make their money go the extra mile.
