Landlords could soon be seeking tax-saving advice and other means of cutting costs as a survey reveals that many are concerned about rising interest rates on their buy-to-let mortgages.
The National Landlords Association (NLA) reveals that a two per cent increase would have a negative impact on 89 per cent of landlords.
Just over half (53 per cent) indicated that the rise would have a significant effect on their finances.
A further eight per cent revealed they would be forced to re-evaluate their position as a landlord, while six per cent would reduce their portfolios or leave the private-rented sector entirely.
NLA chairman David Salusbury commented: "These statistics show how important it is for a landlord expanding their property portfolio to construct a sound long-term business plan when considering buy-to-let properties."
He added that any potential landlord needs to think carefully about the future before buying a property, especially if a rise in interest rates were to occur.
Published on: August 5, 2011