With the removal of restrictions on pension pot release, and the continuing flat rates of interest on offer by banks, many people are once again considering buy-to-let investments. A recent survey suggests that two out of five people who are able to access pension cash want to take cash and put it in alternative investment such as buy-to-let.
North Norfolk is home to many retirees, and a growing number of new property developments has been snapped up by those wanting to generate stronger returns on investment. Older landlords, or ‘granlords’ as they have been dubbed, have been welcomed by lenders, with Nationwide adjusting its lending criteria to offer mortgages to applicants up to the age of 70 over a maximum of 35 years.
While there are tax implications to withdrawing pension funds, there are still plenty of investment properties, particularly in the market towns of King’s Lynn, Swaffham and Fakenham, that will provide strong opportunities as the area’s population continues to grow.
Copyright © 2016 Norfolk Lettings