Landlords are unfazed by Brexit and tax changes, according to a survey just released. It found that four in five landlords have no intention of changing their plans to invest in buy-to-let properties, despite June’s announcement that the UK would leave the EU. Only 7.5% said the Brexit vote meant they would postpone expanding their portfolio, while 11% said they were likely to invest even more, the same proportion that said they planned to sell a property.
Taxing times ahead:
The survey also revealed that the majority of landlords won’t change their investment strategy as a result of government plans to cut tax relief on buy-to-let mortgage payments. Six out of 10 of landlords polled said the reduction of tax relief on buy-to-let mortgage payments would not affect their plans, and 11% said they were planning to invest more as a result of the changes. 12% said the changes meant they planned to wait before adding new properties to their portfolio, while 11% said they would now sell one or more properties. However 35% of landlords said they expect to increase their rents in next year, which could indicate that some plan to pass on the costs of buy-to-let tax relief to tenants. The vast majority polled said they are or will be reviewing their mortgages in the very near future to reduce monthly payment to a minimum.
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