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Buy to let
Buy-to-let is a British phrase referring to the purchase of a property specifically to let out, that is to rent it out. A ''buy to let'' mortgage is a mortgage specifically designed for this purpose.
For many years landlords have invested in residential property to be let for profit, but due to the rent controls imposed during the First World War, arranging a mortgage to fund such a purchase was difficult. Between 1915 and 1991, the percentage of housing stock accounted for by private rented properties decreased from around 90% to just 7%.〔"Rent control in the private rented sector (England)" (11-07-2014). House of Commons Library. Retrieved from http://www.parliament.uk/briefing-papers/SN06760/rent-control-in-the-private-rented-sector-england〕
Since the Housing Act 1988 introduced assured shorthold tenancies, which are not subject to rent controls and provide less secure tenure than older tenancy types, mortgage lenders have been more willing to provide finance. The size of the buy-to-let market has been growing steadily in recent years, and as of Q3 2014 accounted for 14.4% of all mortgage lending.〔Arrears, buy-to-let and wider mortgage market (). Council of mortgage lenders. Retrieved on 19-02-2015 from http://www.cml.org.uk/cml/statistics〕
== Benefits and risk ==
As for all property rental, the benefits for a buy-to-let landlord can include a stable income from rental receipts, as well as an accumulation of wealth if house prices go up over time. Rising house prices in the UK have made buy-to-let a popular way to invest.〔Allen, K. and Packard, J. (UK landlords make £177bn from rising house prices over 5 years ). Financial Times. 12-01-2015.〕 The main risk involves leveraged speculation where the landlord takes a loan to buy the property, with the expectation that the house can be sold later for a higher price, or that rental income will meet or exceed the cost of the loan. In the best outcome for the landlord, she or he will have benefited from the use of the lending banks money indicating that she or he has allocated the capital more efficiently than professional investors could have done. If the landlord cannot meet the conditions of their mortgage repayments then the bank will seek to take possession of the property and sell it to gain the loaned money.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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