OneSavings Bank comments on Buy to Let changes in today's Budget Statement
OneSavings Bank notes the statements in today's budget announcement regarding Mortgage Interest Rate relief for individual landlords. Whilst the full details are yet to be finalised OSB would like to highlight the following
OneSavings Bank specialises in, and targets, the professional landlord segment of the private rented sector. Many professional landlords run their businesses through limited companies or utilise tax efficient re-investment strategies to manage their affairs.
Landlords who have chosen to borrow in their own name have until 2017 to plan any changes to their portfolios; furthermore the tax changes will be gradually implemented over a four year period, allowing further time to manage any impacts.
OSB believes that the private rented sector requires specialist knowledge and if the changes act as a deterrent to amateur or inexperienced landlords entering the market going forward, then this will likely benefit the broader private rented sector in the longer term.
Commenting on today's announcement, Andy Golding Group CEO at OSB said. "The sheer demand and demographic growth prospects for private rented property are likely to keep the market growing despite these small changes to the tax regime."
OneSavings Bank plc:
Alastair Pate, Group Head of Communications t: 01634 838973
Brunswick Group: Robin Wrench / Simone Selzer t: 020 7404 5959