Landlords not put off from expanding their portfolios.
Landlords are yet to have been put off expanding their portfolios despite the buy-to-let tax changes, a survey suggests.
The Mortgages for Business Property Investor Survey showed the proportion of respondents seeking to expand their portfolios has grown to 48% from 45% in November 2016 and 41% a year ago, shortly after the introduction of the Stamp Duty surcharge.
When asked how they were adjusting to the changing fiscal environment, 62% of landlords claimed to have consulted a professional tax adviser. Of these, 34% had sought advice specifically because of ongoing changes to income tax relief on finance costs, while 28% said they already had an existing relationship with a tax adviser.
Steve Olejnik, chief operating officer at Mortgages for Business, said: “Although we expect buy-to-let lending to reduce somewhat this year, these results demonstrate that landlords are a resilient bunch, capable of adapting their investment strategies to successfully accommodate the new fiscal and regulatory landscape.
“Incorporation is becoming a standard practice and the move towards five-year fixed rates allows landlords to maximise their borrowing options.”