Landlords want U-turn

Given that Britain will soon have one of the toughest tax regimes for private landlords in the western world once mortgage interest relief is finally phased out in 2020. Landlords would quite understandably like to see a reversal of changes to tax relief on buy-to-let mortgage interest.

A new survey of over 250 private landlords, has found that most landlords would like to see the Government more than anything reverse recent changes to income tax relief.

Scrapping the 3% stamp duty surcharge for second homes, which was introduced in April 2016, would also be warmly welcomed, according to respondents. This was a strong second but not seen as important.

According to the report among the most commonly reported actions taken by landlords in the second quarter of this year was to increase rent, and secondly reduce any mortgage debt which has helped increase profitability.

This all comes as 88% of landlords, up from 71% six months ago, stated that they now fully understand the personal implications of the tax changes introduced by the former chancellor George Osborne. It would be fair to say having taken active steps in preparing, landlords are now facing up to the challenge ahead.

Hard times indeed for Landlords but as always it seems the mood amongst them is of a positive nature. One precious thing they all hold onto is the long-term profitability of the UK property market and as we all know that is unlikely to change.

If you are looking for a new or re-mortgage please do make contact and one of our advisers will be happy to assist.