Nearly half (48%) of landlords are looking to expand their portfolios despite the buy-to-let clampdown, Mortgages for Business’ Property Investor Survey has found.
More landlords are looking to expand their portfolios than in November (45%) and a year ago (41%) despite the restrictions on mortgage tax relief and the 3% stamp duty surcharge.
Steve Olejnik, chief operating officer of 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.”
Three in five (62%) Landlords have been adjusting the changing environment by consulting tax advisers – in part due to the ongoing changes to mortgage tax relief.
They have also increasingly choosing to fix for five years instead of three –as 42% are currently opting for the longer fix.