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I was very interested to read a report from Prudential advising that a third of home owners over the age of 55 are planning to buy at least one more property in their lives. The majority are looking to downsize but nearly 1 in 5 are looking to purchase either buy to let property, second homes or homes for their relatives.
I believe that having a buy to let property in your portfolio as part of your pension retirement is a sensible diversification of resources and it is another reason why I am concerned with the Chancellor’s recent budget announcement regarding offsetting mortgage interest against income tax. I am noticing an increase in the number of over 50s who are looking to buy one or two investment properties with small mortgages with a view to paying them off prior to retirement, creating an income and also a capital pot that they can access should they require.
I would urge the Chancellor to rethink his proposal.
Partner – Head of Property