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How landlords are tackling the biting tax changes

Landlord clients are tackling the tax and regulatory changes hitting their pockets by taking advantage of low mortgage rates, using limited company structures, opting for higher yielding properties and branching further afield, brokers have said.

The buy-to-let market grew rapidly after the financial crisis but has since taken a beating as a number of tax and regulatory changes have made the private rental sector a less lucrative option.

In fact more than a third of landlords are planning to sell at least part of their portfolio in 2020 as the changes continue to bite in a system “weighted against them”.

Accumulate Capital polled 750 investors in December and found 37 per cent of landlords were planning to sell one or more of their properties, with 61 per cent of them blaming increasing regulations and taxes.

How the rules changed:

An additional 3 per cent stamp duty surcharge, introduced in April 2016, was closely followed by the abolition of mortgage interest tax relief for landlords.

Landlords then took a further hit when a shake up of rules by the Prudential Regulation Authority meant buy-to-let borrowers were now subject to more stringent affordability testing.

The changes to mortgage relief have been phased into the system since April 2017, but by April 2020 landlords will be unable to deduct any of their mortgage expenses from taxable rental income.

Instead, they will receive a tax-credit based on 20 per cent (the current basic tax rate) of their mortgage interest payments.

Following the changes, landlords who were higher or additional-rate taxpayers would now only get refunds at the 20 per cent rate, rather than top rate of paid tax.

On top of this, landlords could also be forced into a higher tax bracket because they would need to declare the income that was used to pay the mortgage on their tax return.

The changes led many to predict the buy-to-let market would shrink in size leaving only ‘professional landlords’ able to make viable returns.

Of those keen to sell, 72 per cent thought the current tax and regulation measures were unfairly weight against them while 69 per cent said the costs of managing their portfolio had risen “considerably” over the past five years.

But brokers have said many of their landlord clients were sticking with the private rental sector and diversifying their portfolio or shaking up their own system to deal with changes.

David Hollingworth, associate director of communications at L&C Mortgages, said: “[The changes] will no doubt lead some to hold their position rather than add more properties, particularly the more amateur landlord whilst they review their approach.

“However, many are taking action in controlling their costs by taking advantage of low mortgage rates and the use of limited company lending to grow investments.”

Due to the tax shake up, limited company status is more attractive to landlords as changes would not affect them and they can offset mortgage interest against profits which are subject to corporation tax instead of income tax rates, which is cheaper.

Average mortgage rates have also been slashed over the past few years as lenders battle in a “race to the bottom” which has seen two-year fixed rates for buy-to-let properties fall below 1.3 per cent.

Mr Hollingworth added: “While some will be considering whether it might be the right time to sell certain properties in light of the tougher conditions, there’s little to suggest that landlords are offloading property in significant numbers.”

Rachel Lummis, mortgage and protection adviser at Xpress Mortgages, said although buy-to-let enquiries from new and smaller landlords had plummeted, the larger portfolios were still transacting.

She said: “Larger portfolio landlords are still transacting, just differently from a few years ago.

“Clients are remortgaging existing properties to not only secure decent long-term fixed rates but to also raise capital for further investment.”

Ms Lummis said the properties being added to portfolios had moved from standard flats and houses to more high-yielding houses of multiple occupancy or multi-unit blocks, as well as in locations around the country not previously considered.

Meanwhile Ruth Whitehead, director at Ruth Whitehead Associates, warned against the “relative flatlining” of property values over the next few years and urged anyone considering selling property to “think very carefully”.

She added: “In short, it’s something that needs more careful consideration than ever before and clients should only stay in this market for the long haul.”

By Imogen Tew

Source: FT Adviser

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Buy To Let Property Investors Planning To Exit Market

New research has suggested that over a quarter of UK buy to let property investors are planning to exit the private rental sector this year.

The survey of 800 landlords, carried out by landlord insurance provider Simply Business, revealed that with uncertain market conditions, fourth fifths (82 per cent) of landlords are not planning on buying any more properties in 2020. Just one tenth (13 per cent) said they would buy another property this year, while a third (35 per cent) also reported a decrease in their rental yield in 2019.

The top reasons buy to let property investors gave for wanting to sell are tax increases and government reform, such as shifting House in Multiple Occupation (HMO) licensing, which added new stipulations on the minimum size of rooms, as well as banning of admin fees. Well over a tenth cited these as their reasons.

Other reasons that buy to let property investors gave for planning to sell include rising rental costs (10 per cent), cashing in on their investment (9 per cent), economic instability (5 per cent) and slowing house price growth (4 per cent). This comes after a third (35 per cent) also reported a decrease in their rental yield in 2019, which adds to the desire to sell.

A fifth (20 per cent) reported a decrease of 0-5 per cent, just under one in 10 (9 per cent) reported a decrease of 5-10 per cent and 3 per cent of buy to let property investors reported a decrease of 10-15 per cent.

Looking ahead to this year, over a quarter (27 per cent) of landlords expect to see a further decrease in their rental yield in 2020. One in five (18 per cent) expect to see a decrease of 0-5 per cent, and a further 6 per cent of landlords expect to see a decrease of 5-10 per cent. Only 2 per cent of landlords expect to see a decrease of 10-15 per cent. However, over half (52 per cent) are still optimistic and expect their rental yield to increase in 2020.

Bea Montoya, Chief Operating Officer at Simply Business commented: ‘Landlords around the country are telling us that government reforms, tax increases, and rising rental costs are forcing them to put their investments up for sale. The tax increases imposed by the government are proving counter-productive for landlords, while ongoing political and economic uncertainty hasn’t been providing landlords with the confidence they need to stay in the market. But selling a buy to let is a big decision, especially if you’re selling more than one.

‘Any landlord looking to sell up should make sure they understand the complexities surrounding buy to let sales, particularly if the property is occupied. Any tenants should be made aware of plans to sell as early as possible and given reassurance their tenancy still stands. When it comes to selling, landlords need to understand any tax implications involved, such as capital gains tax. If the property is sold for more than it was paid for, there will be a capital gains tax liability.’

Source: Residential Landlord

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Buy-to-let industry relieved at election result

Figures within the buy-to-let mortgage industry breathed a sigh of relief when the Conservatives won the General Election.

Michael Lawlor, business principal at Mortgage Advice Bureau, said: “From a buy-to-let perspective a lot of clients I deal with were putting any future purchases on hold at risk of a Labour government.

“They were worried about rent caps and talk of right to buy plans and that resurfacing at some stage.”

Bob Young, chief executive at Fleet Mortgages, added: “In my view, the Conservative majority is good news for the country and our sector.

“This is a strong – in a numerical sense – government that understands business drives revenue for all its spending on behalf of us, the taxpayer.

“It’s my view that, under the Labour Party’s plans for the private rental sector, it would have ceased to exist as we have come to know it, strangled by rules formulated on the belief that it is somehow a bad thing and that all buy-to-let landlords are simply in it for the money at the expense of their tenants.

“A Labour minority government or it leading a coalition may well have resulted in investment from outside the UK into buy-to-let lending being pulled or at least seriously slowed while a complete understanding of the ‘new world’ was digested.

“We feel invigorated by the result and are looking forward to developing our offering and ensuring we continue to support buy-to-let advisers and their landlord clients.”

Richard Hayes, chief executive and co-founder at Mojo Mortgages was pleased about the Tories’ plans for the buy-to-let sector.

He said: “Finally, they’re planning to bring in a ‘Better Deal for Renters’.

“This will include abolishing ‘no fault’ evictions and introducing a lifetime deposit which moves with the tenant, rather than having to put down a new deposit for each property a tenant moves to.

“Again, if this promise is kept, it will be good news for renters who undoubtably want to purchase their own home.”

However Payam Azadi, director of Niche Advice, was worried the new Conservative government might tax landlords more to fund their spending plans.

He added: “Let’s not forget that all of the fundamental changes that have happened in the buy-to-let sector have been implemented under a Tory government.

“Although I think Labour’s plans would have had a huge impact on the buy-to-let market, I’m still nervous that buy-to-let landlords may be used as scapegoats as the government starts searching for ways to pay for all their promises.

“If landlords get taxed further there won’t be marches on ‘save the landlords’.

“I’m worried we can still be seen as easy targets.

“The buy-to-let sector does a valuable job of helping the property sector and that should be helped out and there should be more support for it and the attack on landlords should stop.”

Bea Montoya, chief operating officer at Simply Business, warned the government needs to entice landlords to stay in the private rented sector.

Montoya said: “Buy-to-let landlords contribute a combined £16.1bn to the economy through pre-tax spending, and it’s vital that Boris Johnson and his party recognise their importance to Britain.

“A lifetime deposit would bring about huge change, but with little detail published, it’s hard to see how this will work in practice, or the impact it could have on landlords.

“We know a quarter of landlords already plan to cash in next year due to government reform, tax hikes, and uncertainty in the market.

“The current tax increases imposed by the government are proving counterproductive, but with no promises to prevent those looking to sell from leaving, we could see half a million homes put up for sale next year alone.”

Richard Donnell, research director at Zoopla, said that the rental market has faced a raft of policy changes since 2016.

He said these have stalled new investment, resulting in static rental supply, which is a primary factor behind rental growth reaching a three-year high at 2%.

Donnell added: “Further reforms appear likely and it is important the impact on rental supply is managed in order to avoid an acceleration in rental growth – also known as runaway rents.”

Franz Doerr, chief executive and founder, flatfair, said: “It is crucial that the new Conservative government recognises the power of technology to transform renting and real estate more widely.

“The new government needs to support and work with innovative companies harnessing technology to make the wider real estate market more transparent and modern for all parties involved.”

By Michael Lloyd

Source: Mortgage Introducer

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Jon Hall: Government should boost new build and BTL sectors

The new government should boost the new build sector and support the buy-to-let market, Jon Hall, chief commercial officer and deputy chief executive at Masthaven, has claimed.

Hall (pictured) said he would like to see the next government put efforts into fixing the challenges the housing market is facing.

Hall added: “Key issues around affordability and supply must remain a central part of the next government’s strategy.

“The new government has a great opportunity to boost the new build sector and deliver the number of homes the country requires.

“Over recent years, the buy-to-let sector has been buffeted by regulatory and tax changes.

“We should be supporting landlords who offer vital housing stock to those who are saving to get on the property a ladder or who need the flexibility renting can provide.

“By softening the tax treatment of buy-to-let landlords, we would provide more confidence to buy-to-let investors and reduce costs that may be passed on to renters.”

Hall also said that the government needs to give more incentives for local authorities to release more land for self-build and development.

He added: “SME housebuilders play a key role in our housing sector, deploying innovative solutions like modular, self-build and so on to address the UK’s housing crisis, one affordable home at a time.

“Finance continues to be one of the major barriers to SME expansion in the new build sector.

“Specialist lenders can help bridge this funding gap for SME housebuilders.

“If we’re to get anywhere near building a million new homes by 2022, we will need lenders like Masthaven that can provide a range of innovative and accessible bridging and development finance loans.

“Product ranges are diversifying, and the lending market is becoming more specialised.

“Broker expertise is more crucial than ever to help consumers find their way through the financing process for their property ventures.

“I’d like the next government to deliver surety and stability to the market, restoring borrower confidence.

“We hope to see a strong and resilient housing market as we move into 2020.”

By Michael Lloyd

Source: Mortgage Introducer

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UK Buy To Let Property Rents Continue To Grow

UK buy to let property rents are continuing to grow, according to the latest HomeLet Rental Index figures for September.

Average buy to let property rents in the UK hit £967 per calendar month in September, up by 2.5 per cent the same time last year.

When London is excluded from the figures, average UK property rents reached £797 per calendar month, a rise of 2.2 per cent from last year.

All twelve regions monitored by the HomeLet Rental Index showed an increase in property rents in September when compared to the same month in 2018.

The region with the largest year-on-year increase in property rents was the North West, showing a 4.4 per cent rise between September 2018 and September 2019.

In fact, five out of the twelve regions monitored saw a rise in property rents of over 3 per cent. The North West, the East Midlands, the South West, Greater London and the North East.

The West Midlands, Wales, Scotland, and Yorkshire and Humberside all saw property rents rise by 2 per cent or more on an annual basis in September.

The worst performing regions were Northern Ireland at 1.4 per cent, the East of England at 1.3 per cent, and the South East which saw rents rise by just 0.2 per cent since September 2018.

However, when it comes to property prices things do not look so rosy. Nationwide’s House Price Index reported that house prices rose by just 0.2 per cent in September, down from 0.6 per cent in August and marking the 10th month in a row that the annual house price growth was recorded as under 1 per cent.

The trends reported within the HomeLet Rental Index are brand new tenancies, which were arranged in the most recent period, providing an in-depth insight into the lettings market. HomeLet references over 500,000 tenants every year.

Source: Residential Landlord

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Buy-to-let costs continue to fall

Mortgage costs in the buy-to-let market have been falling since the second quarter of 2019 and the number of products available has risen by 11% in one year.

According to Mortgage Brain’s quarterly product data analysis, the cost of a 60% LTV two-year fixed buy-to-let mortgage is now 1.9% lower than it was three months ago, which represents an annual saving of £144 on a £150k mortgage.

The cost of a 70% LTV three-year fixed buy-to-let mortgage has fallen by 1.1% – an annual saving of £90 on a £150k mortgage compared to three months ago.

The Mortgage Brain data also shows that borrowers looking to fix for longer can benefit from better annualised savings. For example, a 80% LTV five-year fixed buy-to-let mortgage is now 3.5% lower compared to 12 months ago, representing an annual saving of £324.

Competitive market

One factor driving down the costs of BTL mortgages is the number of products now available on the market. The Mortgage Brain analysis revealed that there are now 3,859 BTL products on the market from mainstream lenders, which represents an increase of 11% compared to a year ago.

Buy-to-let v residential

The Mortgage Brain analysis also reveals that the cost of buy-to-let mortgages remains higher when compared to mainstream residential mortgage products. Data on (1 September 2019 shows that the cost of a 80% LTV five-year fixed product is over 16% higher than the same product for a residential mortgage.

The difference in the cost of tracker mortgages are less, with the cost of a two-year 70% LTV tracker buy-to-let being 4.75% higher than the residential equivalent.

Mark Lofthouse, CEO of Mortgage Brain, commented: “Overall the message for the BTL market is positive; especially for investors looking to fix for a longer term. The cost of BTL mortgages continue to reach historic lows, with the market remaining competitive given the number of BTL mortgages currently on the market.”

By Joanne Atkin

Source: Mortgage Finance Gazette

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Half of current landlords would not go near buy-to-let now

Half of current landlords would not enter the buy-to-let market for the first time now.

Rather than invest, they would stay out of the market, citing government intervention, regulatory changes, economic uncertainty and a lack of returns.

Out of 738 landlords asked for their opinions, 40% said they would still invest in buy-to-let, saying it provides better returns than other types of investment and they believe property can still deliver capital growth.

Only one in four landlords said they intended to increase rents over the course of the next 12 months, while a majority of landlords believe they are renting out at least one of their properties below market rental value.

Half (51%) called for the Government to U-turn on policies designed to squeeze private landlords – specifically, the 3% Stamp Duty surcharge on the purchase of buy-to-let properties, and the phasing out of mortgage interest tax relief.

The landlords were taking part in a poll commissioned by mortgage lender Foundation Home Loans.

By ROSALIND RENSHAW

Source: Property Industry Eye

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The buy-to-let market stabilises

Buy-to-let activity was mostly unchanged in May, leading to suggestions that it has stabilised, the UK Finance Mortgage Trends Update has found.

There were 5,500 new buy-to-let home purchase mortgages completed in May, the same number as this time last year. There were 15,000 remortgages in the buy-to-let sector, 2% more year-on-year.

Mike Scott, chief property analyst at full-service estate agent Yopa, said: “The number of buy-to-let mortgages for house purchase was unchanged from 2018, suggesting that the buy-to-let market has finally reached a new stable level after several unfavourable tax changes.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, added: “Buy-to-let continues its steady trend, showing that investors are sticking with the sector rather than deserting it in their droves.

“That said, we are also not seeing a flood of new landlords – rather, the experienced ones are adding to their portfolios where they see opportunities and remortgaging to keep costs down.”

Tomer Aboody, director of property lender MT Finance, also highlighted that he hasn’t seen a flood of buy-to-let investors selling up as a consequence of the extra taxes that have hit them.

In 2015 the government said it would start to phase in mortgage tax relief. In 2017 to 2018 the deduction from property income was restricted to 75% of finance costs, in 2018 to 2019 the finance costs are down to 50% and during 2019/2020, 25%.

From 2020 to 2021 all financing costs will be subject to a basic rate tax reduction.

Aboody said: “Investors are absorbing the extra costs and refinancing, hoping that in the long-term values will go up.

“This once again proves that higher stamp duty and extra taxes haven’t helped create more movement in the housing market, but have done the complete opposite and created stagnation instead.”

There were 30,720 new first-time buyer mortgages completed in May, 0.5% more year-on-year.

Jeremy Leaf, north London estate agent and a former RICS residential chairman, attributed this increase in first-time buyer numbers to the slowdown of the buy-to-let market.

He added: “First-time buyers are also taking advantage of reduced competition from the buy-to-let market as landlords reduce activity following various recent tax and regulatory changes with several more on the way which will compromise profitability.

“They are also benefiting from almost record low mortgage rates and improving affordability.”

By Michael Lloyd

Source: Mortgage Introducer

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Capital gains tax take rises as landlords feel the squeeze

There has been an increase in capital gains tax receipts in a sign that landlords are selling up as regulatory and tax changes start to bite in the buy-to-let market.

Latest figures from HM Revenue and Customs revealed there was an 18 per cent increase in capital gains tax receipts in 2018-19 compared to the previous year – with the amount raised reaching £9.2bn.

According to industry experts, this has been driven in part by private landlords ‘offloading’ less profitable buy-to-let properties as landlords’ margins narrow.

Unlike when a homeowner sells their house or flat, private landlords are charged capital gains tax on any profitable gains they make so an exodus of private landlords from the market could lead to increased revenue for the exchequer.

The trend is a sign that landlords have started to feel the effect of tax and regulatory changes on their income, as had been predicted by the Intermediary Mortgage Lenders Association in January.

Imla warned this year’s tax return would be the first time many landlords would see the effects of the changes on their earnings.

Landlords have been subject to a number of regulatory changes in recent years, with an introduction of an additional 3 per cent stamp duty surcharge on second homes in April 2016 followed by cuts to mortgage interest tax relief.

Buy-to-let borrowers are also now subject to more stringent affordability testing under the Prudential Regulation Authority’s tightened underwriting rules.

Sean McCann, financial planner at NFU Mutual, said the double-digit hike in capital gains tax receipts could be attributable to this clampdown on private buy-to-let investors.

He said: “Capital gains tax is a growing source of revenue for the government. Last year’s record haul of £9.2bn already looks like it could be surpassed.

“The increase is partly due to some private landlords choosing to offload buy-to-let investments.”

Research from Arla Propertymark also showed the number of buy-to-let properties up for sale had increased by 25 per cent in April.

Mr McCann said: “Essentially, landlords are being squeezed from two sides by the taxman. From one side, the higher rate tax relief on mortgage interest is gradually being phased out, which makes it a much less profitable exercise.

“From the other, those looking to sell buy-to-let properties are being squeezed with an extra 8 per cent capital gains tax.”

Mr McCann went on to say that HMRC “clearly saw the opportunity to increase the capital gains coffers” when it targeted landlords and was now introducing new rules to collect the revenue earlier.

Currently, the tax is due by January 31 following the end of the tax year in which the sale has occurred but the government plans to change the rules from April 2020 to require tax to be paid within 30 days of the sale.

The government is also cracking down on overseas landlords avoiding tax and new research shows letters and campaigns have led to a 61 per cent increase in those admitting to not paying tax on their rental income.

In a further knock to landlords, the government has proposed abolishing the so-called ‘no fault’ Section 21 notices which give landlords the power to evict tenants at the end of their tenancy without a reason.

At the time, the National Landlords Association warned that any greater security for tenants would mean little if the homes to rent were not there in the first place.

Chris Norris, director of policy and practice at the NLA, said although an exodus of private landlords from the market could represent a windfall of sorts for the exchequer, he thought private property contributed far more to the UK economy when it was actively let than when it was disposed of as an asset.

He said: “Landlords’ taxable income from rent is generally taxed every year at 20 or 40 per cent depending on their income, whereas taxable gains are likely to attract only 18 or 28 per cent and are a one-off charge.

“In many cases, after an individual’s annual tax-free allowance, capital costs, and other deductibles are taken into account, it is likely that the tax raised by a typical property sale would be equivalent to only a year or two’s income tax.

“It would be far better for the government’s tax take to encourage landlords to keep trading, rather than sell up.”

By Imogen Tew

Source: FT Adviser

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Buy-to-let market offers opportunities for lenders

Judging by the newspaper headlines about the slowing housing market, the government’s buy-to-let (BTL) crackdown and the demise of the amateur landlord, you’d think there couldn’t be a worse time to enter the BTL lending market. But that’s exactly what we’re doing, and with good reason.

The BTL market may not be as buoyant as it was a few years ago, but it is still a very large market and is holding up well in the face of the government’s tax and regulatory changes. When you look at the facts, there are plenty of positive signs. Last year, the average market value of BTL landlords’ properties hit a record high and landlords are benefiting from strong growth in rents in many parts of the country. On the debt side, landlords are also able to choose from the broadest range of BTL lending products seen in the market since the financial crisis; and thanks to healthy competition between lenders and continued low interest rates, they are able to take advantage of low-cost financing deals.

While many of the small, highly geared landlords are struggling and starting to leave the sector, the number of large landlords with portfolios of half-a-dozen or more properties is actually increasing. These better capitalised, more professional landlords are best placed to adapt to changes in government policy. They also continue to see property as an attractive investment, offering good levels of return in a world where interest rates are unlikely to rise significantly any time soon. The market may be tough in London and the South East, where yields are at historically low levels and it is therefore difficult to generate the income returns needed to service a higher loan-to-value (LTV) loan, but there is still money to be made from BTL property and strong demand for BTL loans across the UK.

”Specialist lenders like us are better placed to service the needs of larger, more professional landlords than the high-street lenders, which are set up to do a large volume of simple deals”

The growing importance of larger, more professional landlords in the BTL sector plays into our hands as a specialist lender. These borrowers tend to be buying through limited companies and SPVs, and have more complex borrowing requirements than smaller landlords. Specialist lenders like us are better placed to service their needs than the high-street lenders, which are set up to do a large volume of simple deals.

As an industry, we have also become increasingly competitive. The gap between the rates offered by high-street banks and specialist lenders has narrowed as the mainstream lenders have retreated and we have become more active. Our own cheapest rate on a two-year fixed-price deal is 3.39%.

Launching into the BTL market also fits in with our drive to offer property professionals a broad range of products. We are now much more than just a bridging lender. In 2017, we launched our second charge product, which has proved really successful – we have since completed more than 2,000 second charge loans. Last year, we also entered the development lending market, where we are able to offer small developers loans at up to 75% loan-to-GDV and 85% loan-to-cost.

One-stop shop

Our expansion into these new areas of the market means we are able to offer property professionals a one-stop shop. Instead of having to switch between different lenders, they can come to us for all their borrowing needs. Being able to offer a range of different products is particularly important in today’s increasingly uncertain world. Borrowers want certainty from their financing arrangements and that can come from building relationships with a small number of lenders, rather than constantly chopping and changing. If a borrower has taken out a bridging loan with us to acquire a property, then it is far easier for us to refinance that loan than it would be to write a loan with an entirely new customer. We already know the borrower and the property and understand the business plan.

Indeed, we are already seeing some of our customers moving between products, perhaps starting out with a bridging loan and then turning to us again for a development loan. We expect it will be the same story with BTL lending. We will undoubtedly broaden our client base, but we also expect existing customers to account for a significant portion of our BTL lending. Small developers that have turned to us for bridging loans or development finance can now use us to finance their BTL property portfolios. A BTL loan can also be a good option for developers that perhaps find it hard to sell some units in a new development, and want to let them out until conditions in the for-sale market improve.

We are also seeing growing demand for bridge-to-let loans, which naturally complement BTL loans. Some landlords are struggling to achieve the returns from their BTL properties that they once did because of tax changes and new regulations. Naturally, they are therefore looking for ways to boost their returns, and refurbishing a property that is in a poor state of repair with a view to then letting it out is an increasingly popular strategy. A bridge-to-let loan can be a great way to finance such a project and at the end of the loan term, the borrower can switch to a BTL mortgage.

So despite all the well-documented challenges facing the BTL market, we see plenty of opportunities, especially for specialist lenders like us that are geared up to support larger BTL landlords and SME developers. Ultimately, we believe that for investors that are willing to take a long-term view, the future for the property sector is positive and so we are happy to be entering the BTL lending market, and to continue growing the range of lending products we offer property professionals.

By Stephen Wasserman

Source: Property Week