Boost for First-Time Buyers as Buy-to-Let Landlords' Profits are Slashed in Crackdown on Mortgage In
This is Money blog predicts that the July 2015 budget is going to be unfavorable for high earning landlords from 2017 onwards. Currently full tax relief at the higher rate (40% or 45% currently) is available on the mortgage loan interest element; this is going to be gradually reduced from April 2017 (it will be phased in from 2017 to 2020). The reasoning given is that the current tax legislation favors landlords rather than home owners when it comes to property ownership. Till about 15 years ago homeowners also used to get some tax relief on mortgage interest.
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