This is exactly what the government has done in Portugal; they will no longer issue any more tourism rental licenses in the Algarve, Lisbon and other major cities. Also, anybody who changes their tourism rental property to 12 month rental contracts pays no tax on the income until 2030. They are attempting to correct the imbalance between the vast number of short-term rental properties that remain empty for 8 months of the year and the extreme shortage of affordable long-term rentals.
Fair point. I had not considered this.
I cant say I know anything about the regulation but there are some big differences here. 2 key ones are that it takes 2-3 weeks to buy a property (chains dont seem to exist; properties are ready to buy)....and you can get 40 year mortgages which run beyond your lifetime i.e. you can pass the mortgage on.
You're making an assumption that i can afford to do pay this. I can't. We were already falling into debt beforehand at a relatively slow rate, and now this will hasten rapidly, quite possibly spiralling out of control. The question is will my debts be called in before i have a solution to pay them off.Would you have saved the money, and squirrelled it away in an offshore account or would you have been spending it in your local community, paying VAT and into the economy? Surely if people had more money, they'd spend more, gov would collect more tax and inflation would come down
Government creates problems, it doesn't solve them. Why would any one want to wait for civil servants to fix their financial challenges? That is a road to hell that hundreds of millions of debtors seem to travel. Governments WANT the population to be unhealthy, unhappy, poorer, disconnected and desperate. The "government" is an elected body with the responsibility to organize and improve a narrow and limited set of societal needs (military, infrastructure, social services, criminal justice). As result of a century of overreach and citizen hibernation, the Western Democracies are bankrupt and themselves debtor nations. People need to wake up and realize that governments should be trimmed to an essential size and mandated to achieve performance and financial targets (LIKE THE REST OF US).
The Right have spoken!!
And weren't such a stretch compared to now.
Oh I see, so you bought it when you had the opportunity when property was more affordable and now rent to those that don't have the same opportunites using their earnings to bolster your wealth?
i'd call it social investment
Have you watched Martin Lewis tonight? He suggests speaking to your Mortgage supplier to see if there are any "forbearance measures" that they may offer (payment holiday, increasing length of the term, going interest only for a while etc). Worth a try and see what they say.
Because of our ages payment holidays, going interest free for a period or extending the term aren't options unfortunately. We'd only have less time to pay off the same amount, thereby just delaying, or increasing, the pain
As it happens, the rent I receive from my UK property just about covers the rent I pay on my European home, so you don't see at all.