blog mortgage118

Tag: buy-to-let

  • Mortgage Market Faces Rate Hikes Amid Swap Rate Surge

    Mortgage Market Faces Rate Hikes Amid Swap Rate Surge

    The UK mortgage market is experiencing a wave of pricing hikes as swap rates surge, significantly impacting borrowers and landlords. The two-year swap rate has risen to 4.258%, up from 3.993% last month, while the five-year swap rate increased from 4.034% to 4.316%. These changes are largely attributed to geopolitical tensions, particularly the escalating conflict between the US and Iran, which has driven oil prices to $100 per barrel for the first time since May.

    TL;DR: The two-year swap rate has surged to 4.258%, prompting lenders like Nationwide and HSBC to increase mortgage rates; borrowers and landlords will face higher costs for new mortgages and remortgages.

    What Are the Recent Changes in the Mortgage Market?

    In response to the rising swap rates, several lenders have adjusted their mortgage pricing. Nationwide has raised rates across various products for existing borrowers. For example, the two-year fixed rate for additional borrowing at 60% loan-to-value (LTV) has increased from 4.37% to 4.6%, while the 75% LTV deal has gone up from 4.46% to 4.68%. Similar increases were noted for the 80-90% tiers and fee-free five-year fixed options.

    HSBC has also announced its second rate hike of the week, effective from 27 July. Accord increased its fixed residential new business rates by 0.2% as of 24 July, while all buy-to-let (BTL) new business rates saw a rise of 0.1%. TSB has adjusted its two-year fixed residential purchase and remortgage rates by up to 0.2%, with new purchase pricing starting at 4.59% for a deal at 60% LTV.

    Who Is Affected by These Rate Increases?

    The recent rate hikes will affect a broad range of borrowers, including first-time buyers, homeowners looking to remortgage, and landlords with buy-to-let properties. Existing borrowers will face increased costs when switching products or seeking additional borrowing, while new buyers may find their options limited as lenders adjust their offerings in response to market conditions.

    Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau (MAB), noted that these increases are driven by rising swap rates rather than changes to the Bank of England base rate. However, the end result for borrowers is the same: mortgages are becoming more expensive.

    What This Means for Borrowers in the Mortgage Market

    For borrowers, these rate increases mean higher monthly repayments and potentially less borrowing power. First-time buyers may find it more challenging to secure affordable mortgage deals, while landlords could see their profit margins squeezed as the cost of financing increases.

    It’s essential for borrowers to stay informed about current mortgage rates and consider their options carefully. Those looking to remortgage or purchase a new property should act quickly, as further rate increases may be on the horizon. Monitoring current rates can help borrowers make informed decisions in this shifting market.

    Frequently asked questions

    How do rising swap rates affect mortgage rates?

    Rising swap rates lead lenders to increase their mortgage rates, making borrowing more expensive for consumers. This is due to the higher costs associated with securing funding for mortgages.

    What should borrowers do in response to these rate hikes?

    Borrowers should review their mortgage options and consider locking in rates if they are planning to remortgage or purchase a new property, as further increases may occur.

  • Key Mortgage Market Updates: Rate Hikes and New Lending Options

    Key Mortgage Market Updates: Rate Hikes and New Lending Options

    The UK mortgage market is experiencing significant shifts as major lenders adjust their rates and new products are introduced. This comes in the wake of regulatory changes aimed at facilitating remortgaging, impacting borrowers, landlords, and brokers alike.

    TL;DR: Major lenders like Barclays and NatWest are raising mortgage rates by up to 20 basis points; this affects borrowers looking to switch lenders and those seeking new mortgages.

    Why Are Mortgage Rates Increasing?

    Several prominent lenders, including Barclays, Halifax, HSBC, and TSB, have announced increases in selected mortgage rates by up to 20 basis points. This trend is largely attributed to rising swap rates, which are pushing up funding costs for these institutions. As a result, lenders are adjusting their pricing strategies to maintain profitability in a changing financial market.

    How Do Recent FCA Changes Affect Borrowers?

    The Financial Conduct Authority (FCA) has implemented new affordability rules that are enabling more borrowers to switch to new mortgage lenders. Research from Stonebridge indicates that 98% of modified affordability assessments in Q1 2026 were utilized for external remortgages. This change is particularly important for borrowers looking to take advantage of potentially better rates and terms, as it simplifies the process of switching lenders.

    What New Products Are Available in the Mortgage Market?

    In addition to rate hikes, lenders are also expanding their product offerings. Santander is introducing new 10-year fixed deals and additional options for new builds, while Vida has rebranded its later-life mortgage proposition as Next Chapter Lending. This rebranding includes updated criteria aimed at supporting older first-time buyers and borrowers with mortgages extending into retirement, providing clearer affordability guidance.

    What This Means for Borrowers and Landlords

    The recent changes in the mortgage market mean that borrowers should be proactive in assessing their current mortgage arrangements. With many lenders raising rates, those considering remortgaging may find it beneficial to act quickly to secure more favorable terms before further increases occur. Landlords should also take note of the evolving buy-to-let market, as some lenders are adjusting their rates, which could impact investment decisions. Brokers will need to stay informed about these changes to better advise their clients on the best mortgage options available.

    Frequently Asked Questions

    Why are lenders raising mortgage rates now?

    Lenders are raising mortgage rates in response to increased funding costs driven by rising swap rates. This adjustment helps them maintain profitability amidst changing financial conditions.

    How can borrowers benefit from the new FCA affordability rules?

    The new FCA affordability rules allow more borrowers to switch lenders by simplifying the remortgaging process, making it easier to access potentially better rates and terms.

  • UK Mortgage Market Update: Key Developments This Week

    UK Mortgage Market Update: Key Developments This Week

    The UK mortgage market is experiencing significant shifts as major lenders adjust their rates in response to rising funding costs. Recent changes in affordability rules by the FCA are enabling more borrowers to switch lenders, while the new Prime Minister, Andy Burnham, is prioritising housing with ambitious plans for housebuilding.

    TL;DR: 98% of modified affordability assessments are now facilitating external remortgages; major lenders like Barclays and NatWest are raising rates by up to 20bps, impacting borrowers and landlords alike.

    How are lenders responding to rising costs in the mortgage market?

    Several major lenders, including Barclays, Halifax, HSBC, TSB, and Skipton, have increased selected mortgage rates by up to 20 basis points. This trend is largely a response to rising swap rates, which are pushing up funding costs. NatWest has also announced similar rate hikes affecting both residential and buy-to-let mortgages. However, not all lenders are following this trend; Shawbrook has reduced some rates, while Keystone has increased select buy-to-let rates.

    What does the FCA rule change mean for borrowers in the mortgage market?

    The recent changes to affordability assessments introduced by the FCA have had a positive impact on borrowers. Research from Stonebridge indicates that 98% of modified assessments in Q1 2026 were used for external remortgages, allowing more borrowers to switch to new lenders rather than remain with their current providers. This shift is particularly beneficial for those looking to secure better rates amidst the current market fluctuations.

    What should landlords and investors watch for in the mortgage market?

    Landlords and investors should pay close attention to the ongoing rate changes and the implications of the new affordability rules. With major lenders adjusting their rates, those looking to remortgage or invest in buy-to-let properties may find opportunities to secure more favourable terms. Additionally, the expansion of Santander’s product offerings, including new 10-year fixed deals and options for new builds, could provide more choices for investors in the coming months.

    What this means for first-time buyers in the mortgage market

    First-time buyers may find the current market challenging due to rising rates, but the FCA’s rule changes could offer some relief. With more flexibility in affordability assessments, first-time buyers may have a better chance of securing mortgages that suit their financial situations. Additionally, Vida’s rebranding of its later-life mortgage proposition as Next Chapter Lending is aimed at supporting older first-time buyers and home movers, which could open up new avenues for this demographic.

    Frequently asked questions

    What are the implications of the recent rate hikes?

    The recent rate hikes by major lenders mean that borrowing costs are increasing, which could affect affordability for new and existing borrowers. Those looking to remortgage should consider acting quickly to secure better rates before further increases.

    How can borrowers benefit from the FCA’s rule changes?

    The FCA’s changes to affordability assessments are designed to facilitate easier switching between lenders. Borrowers can take advantage of this by exploring remortgage options that may offer lower rates or better terms compared to their current mortgages.

  • Landlords Eye Refinancing Opportunities in 2026

    Landlords Eye Refinancing Opportunities in 2026

    Recent research indicates a significant trend among UK landlords, with 76% planning to refinance their property portfolios within the next year. This shift aims to support new investments, highlighting the resilience of the buy-to-let sector.

    TL;DR: A striking 76% of landlords are likely to refinance within 12 months; this trend reflects growing confidence in the buy-to-let market and could impact investment strategies.

    Why Are Landlords Choosing to Refinance?

    The primary motivation for refinancing among landlords is to secure funds for new investments. According to the findings, over a third (36%) of landlords are “very likely” to refinance, while 40% are “somewhat likely.” Only 12% expressed that they are unlikely to pursue refinancing. This trend suggests that landlords are looking to optimise their portfolios and seize new opportunities in the property market.

    How Does This Impact Different Regions?

    Geographically, the trend shows a shift in buy-to-let lending patterns. The North West has seen a 3.3 percentage point increase in Together’s buy-to-let lending since 2020, while Scotland and Yorkshire and the Humber have also experienced gains. Conversely, Greater London and the South East have seen a decline in their share of lending, dropping from 23.6% in 2020 to 20% in 2025. This regional shift indicates changing dynamics in property investment across the UK.

    What This Means for Landlords

    For landlords, the inclination to refinance could signify a more competitive environment for securing financing. With many landlords looking to expand their portfolios, brokers may find increased demand for refinancing options. This trend also suggests that landlords are optimistic about the future of the buy-to-let market, which could lead to more investment activity. Landlords should stay informed about current mortgage rates to take advantage of potential refinancing opportunities.

    Frequently asked questions

    What are the benefits of refinancing for landlords?

    Refinancing can provide landlords with access to lower interest rates, improved cash flow, and additional funds for further investments, enhancing their overall portfolio performance.

    How can landlords prepare for refinancing?

    Landlords should review their current mortgage terms, assess their property values, and consult with mortgage brokers to explore the best refinancing options available in the market.

  • Landlords Eye Refinancing as Investment Strategy in 2026

    Landlords Eye Refinancing as Investment Strategy in 2026

    Recent research indicates a significant shift among UK landlords, with 76% planning to refinance their property portfolios within the next year. This trend suggests a growing confidence in the buy-to-let market, as landlords seek to fund new investments and adapt to changing economic conditions.

    TL;DR: A substantial 76% of landlords intend to refinance their portfolios this year; this reflects their optimism and desire to invest further in the property market.

    Why Are Landlords Choosing to Refinance?

    The decision to refinance is primarily motivated by the desire to unlock capital for new investments. Among those surveyed, 36% expressed they were “very likely” to refinance, while 40% were “somewhat likely.” Only 12% indicated they were unlikely to pursue refinancing, highlighting a robust interest in leveraging existing property equity.

    What Regions Are Seeing Growth in Buy-to-Let Lending?

    Data from specialist lender Together reveals notable regional shifts in buy-to-let lending. Since 2020, the North West has seen a 3.3 percentage point increase in its share of Together’s lending, while Scotland and Yorkshire and the Humber have also experienced growth. In contrast, Greater London and the South East’s share has declined from 23.6% to 20% in the same period, indicating a potential shift in investment focus away from traditional hotspots.

    What This Means for Landlords

    The current refinancing trend presents both opportunities and challenges for landlords. With the majority looking to refinance, this could lead to increased competition among lenders, potentially resulting in more favorable mortgage rates. Landlords should stay informed about current mortgage rates and consider their options carefully to maximize their investment potential.

    Frequently asked questions

    How can landlords benefit from refinancing?

    Refinancing allows landlords to access equity, potentially enabling them to invest in additional properties or improve existing ones.

    What should landlords watch for in the refinancing process?

    Landlords should monitor interest rates and lender offerings, as increased competition may lead to better refinancing deals.

  • QDEX Launches Free Sourcing Platform for Mortgage Market

    QDEX Launches Free Sourcing Platform for Mortgage Market

    QDEX has launched a new free mortgage sourcing platform called Edge, designed to enhance the mortgage market for both residential and buy-to-let (BTL) borrowers. This initiative aims to democratise access to advanced mortgage sourcing tools, enabling brokers and borrowers to benefit from improved technology without incurring costs.

    TL;DR: QDEX’s Edge platform offers free mortgage sourcing services, impacting brokers and borrowers by providing advanced tools previously available only through paid services.

    What is the Edge platform?

    The Edge platform is the entry-level version of QDEX’s Intelligence suite, providing essential sourcing services for residential and BTL mortgages. This free tool allows users to streamline their mortgage sourcing processes, making it easier for brokers to find suitable products for their clients.

    How does Edge compare to other tools in the mortgage market?

    While many mortgage sourcing tools have traditionally required subscriptions or fees, QDEX’s Edge aims to stand out by offering its services free of charge. This move is expected to challenge existing providers in the mortgage technology space, as brokers and borrowers now have access to comparable tools without the financial burden.

    What this means for brokers and borrowers in the mortgage market

    The introduction of the Edge platform is significant for brokers and borrowers alike. Brokers can now access advanced sourcing tools without additional costs, potentially enhancing their service offerings and competitiveness in the market. For borrowers, this means greater access to mortgage options and potentially better deals, as brokers can utilise the platform to identify the most suitable products more efficiently.

    What should the industry watch for next?

    As the mortgage market evolves, the response from other technology providers will be important. Will they adapt their pricing models or enhance their offerings to compete with QDEX’s free platform? Additionally, the uptake of the Edge platform by brokers will be a key indicator of its impact on the market. Stakeholders should monitor how this shift influences borrower behaviour and overall market dynamics.

    Frequently asked questions

    What types of mortgages can be sourced using Edge?

    Edge provides sourcing services for both residential and buy-to-let (BTL) mortgages, making it versatile for various borrowing needs.

    Is there any cost associated with using the Edge platform?

    No, the Edge platform is completely free to use, allowing brokers and borrowers to access advanced mortgage sourcing tools without any fees.

  • Limited Companies and the UK Mortgage Market: Key Insights

    Limited Companies and the UK Mortgage Market: Key Insights

    Recent trends indicate that not every landlord needs to establish a limited company to manage their rental properties. This shift is significant for landlords navigating the complexities of the UK mortgage market, especially in light of recent tax changes and financial pressures.

    TL;DR: In 2025, a significant percentage of buy-to-let purchases were made through limited companies; however, the financial implications of personal ownership versus company structures remain important for landlords.

    Why Are More Landlords Choosing Limited Companies?

    In 2025, Hamptons reported that a notable number of new companies were created to hold rental properties, marking an increase from the previous year. By the end of 2025, there were hundreds of thousands of active limited companies in the UK, nearly five times the number recorded in 2016. The rise in limited company structures is primarily driven by changes in tax regulations affecting personal landlords.

    Landlords who own properties personally can only claim a basic-rate credit on their finance costs due to recent mortgage interest relief changes. In contrast, limited companies can deduct their interest expenses before paying corporation tax, which is set at a lower rate for small profits. This tax structure can significantly reduce the tax burden for landlords, particularly those with higher incomes.

    What Are the Financial Implications of Ownership Structures?

    Landlords are facing increasing financial pressure as personal tax allowances remain frozen. Hamptons noted that if allowances had kept pace with inflation since being frozen, the personal allowance would be significantly higher than it currently is. This freeze is pushing more landlords into higher tax brackets, making the corporate route more appealing.

    Paragon Bank found that the percentage of mortgaged buy-to-let purchases made through limited companies rose significantly in 2025, indicating a shift in how landlords are structuring their investments.

    What Should Landlords Consider When Transferring Property?

    For landlords contemplating transferring existing properties into a limited company, it is essential to understand the tax implications. Such a transfer is treated as both a disposal and a purchase, triggering potential capital gains tax liabilities and stamp duty land tax (SDLT) charges. In England and Northern Ireland, the SDLT for additional properties now includes a higher-rate surcharge for company purchases.

    Landlords may face significant tax liabilities upon transferring their assets into a limited company. Additionally, the recent increase in dividend tax rates adds another layer of financial consideration for landlords operating through limited companies.

    What This Means for Landlords in the Mortgage Market

    Landlords must carefully evaluate whether to operate through a limited company or retain personal ownership of their properties. The financial market is changing, with new tax rates for property income set to take effect in the near future. Property income in England, Wales, and Northern Ireland will be taxed at higher rates than previously, meaning that landlords will receive finance cost relief only at a basic rate.

    For landlords with existing properties, the decision to transfer assets into a limited company should be made with caution, considering the potential tax liabilities and the impact on cash flow. As the corporate route becomes more attractive, landlords should stay informed about ongoing changes in the mortgage market and tax regulations. For those looking to evaluate their options, comparing mortgage rates can provide valuable insights.

    Frequently Asked Questions

    What are the benefits of using a limited company for buy-to-let?

    Using a limited company allows landlords to deduct mortgage interest before paying corporation tax, which can be more tax-efficient than personal ownership, especially for higher-rate taxpayers.

    What tax implications should I consider when transferring property to a limited company?

    Transferring property is treated as a disposal and a purchase, potentially triggering capital gains tax and stamp duty land tax liabilities, which can significantly impact your overall financial position.

  • Majority of Landlords Plan to Refinance This Year

    Majority of Landlords Plan to Refinance This Year

    Research from specialist lender Together reveals that a significant 76% of UK landlords are planning to refinance their property portfolios within the next year. This trend indicates a strong desire among landlords to secure funds for new investments, showcasing the resilience of the buy-to-let sector.

    TL;DR: 76% of landlords are likely to refinance their properties this year; this reflects confidence in the buy-to-let market and a push for new investments.

    Why Are Landlords Choosing to Refinance?

    With 36% of landlords stating they are “very likely” to refinance, and an additional 40% “somewhat likely,” the motivation appears to stem from the need to access capital for further investments. This trend is particularly notable as landlords look to diversify or expand their portfolios amid changing market conditions.

    How Has the Market Shifted?

    Since 2020, there has been a noticeable shift in the geographical distribution of buy-to-let lending. The North West has seen an increase of 3.3 percentage points in Together’s lending, while Scotland and Yorkshire and the Humber have also experienced growth. In contrast, Greater London and the South East have seen a decline, dropping from 23.6% to 20% of Together’s buy-to-let lending. This shift suggests a changing market in investment hotspots across the UK.

    What This Means for Landlords

    The increasing inclination to refinance indicates a robust sentiment among landlords regarding future investments. For those looking to expand their portfolios, this could be an opportune time to explore current mortgage rates and assess refinancing options. As the market evolves, landlords should remain vigilant about regional trends and adjust their strategies accordingly.

    Frequently asked questions

    What factors are driving landlords to refinance?

    Landlords are primarily motivated by the need for capital to invest in new properties or improve existing ones, reflecting confidence in the buy-to-let sector.

    How has buy-to-let lending changed in recent years?

    There has been a geographic shift, with increased lending in the North West and Scotland, while Greater London and the South East have seen declines in their share of lending.

  • Santander Sees Rise in Mortgage Lending in the Market

    Santander Sees Rise in Mortgage Lending in the Market

    Santander has reported a significant increase in its gross mortgage lending, reaching a notable figure. This growth is primarily attributed to the bank’s recent acquisition of TSB, which has expanded its loan book considerably. For borrowers and investors, this development signals a competitive mortgage market with potential opportunities for both new and existing clients.

    TL;DR: Santander’s gross mortgage lending rose significantly, bolstered by its acquisition of TSB; borrowers may find more competitive options in the evolving mortgage market.

    What does the rise in Santander’s mortgage lending mean?

    The increase in Santander’s gross mortgage lending indicates a robust demand for mortgages in the UK. The bank’s loan book expanded largely due to the integration of TSB. This acquisition not only enhances Santander’s market position but also reflects a trend of consolidation in the banking sector, which could lead to more competitive offerings for borrowers.

    How has the borrower profile changed?

    In terms of borrower demographics, Santander’s mix has shown some shifts. Homemovers now represent a significant portion of its business, while remortgagors have increased their share. First-time buyers have seen a decrease, indicating a potential challenge in affordability for new entrants to the housing market. Meanwhile, buy-to-let lending has remained stable, suggesting that landlords are continuing to invest despite market fluctuations.

    What this means for the mortgage market

    For borrowers, the current mortgage market presents a mix of opportunities and challenges. With a large percentage of Santander’s mortgage borrowers on fixed-rate deals, the slight increase in standard variable rate borrowers may prompt some to consider locking in fixed rates before potential further rate hikes. Additionally, the average loan-to-value ratio has increased, indicating that lenders may be willing to offer higher loans relative to property values. Investors, particularly in the buy-to-let sector, should keep an eye on how these changes affect rental yields and property values.

    What are the implications of Santander’s financial performance?

    Despite the rise in mortgage lending, Santander reported a decline in half-year pre-tax profits. This decrease is attributed to an impairment charge related to historical motor finance commission payments and increased restructuring costs following the TSB acquisition. The bank’s net interest income has risen, driven by TSB’s higher net interest margin, although the overall net interest margin has slightly decreased. This financial performance may influence future lending strategies and interest rates, which borrowers should monitor closely.

    Frequently asked questions

    What should first-time buyers consider in this market?

    First-time buyers should assess their affordability given the slight decrease in their representation among borrowers. With rising loan-to-value ratios, it may be beneficial to explore current mortgage rates to secure lower monthly payments.

    How can landlords navigate the current mortgage market?

    Landlords should remain informed about stable buy-to-let lending rates and consider the implications of changing interest rates on their investments. Monitoring market trends will help in making informed decisions about property acquisitions or refinancing.

  • Understanding Limited Companies in the Mortgage Market

    Understanding Limited Companies in the Mortgage Market

    Recent trends indicate that not every landlord needs to establish a limited company to manage their rental properties. This development is particularly relevant as the mortgage market continues to evolve, reflecting changes in tax regulations and financial strategies for landlords.

    TL;DR: In 2025, a significant percentage of mortgaged buy-to-let purchases were made through limited companies; this trend highlights the growing appeal of corporate structures for landlords facing rising tax burdens.

    Why Are More Landlords Choosing Limited Companies?

    According to Hamptons, there were many new companies formed to hold rental properties in 2025, representing an increase from the previous year. By the end of 2025, there were a substantial number of active limited companies across the UK, nearly five times the number recorded in 2016. This surge can be attributed to the tax implications of owning property personally versus through a company.

    Landlords who own properties personally can only claim a basic-rate tax credit on their finance costs, while limited companies can deduct their interest expenses before paying corporation tax. The corporation tax rate is generally more favourable than the income tax rates that can reach much higher levels for high earners.

    What Are the Financial Implications for Landlords in the Mortgage Market?

    As the tax market shifts, the financial strain on landlords is becoming more pronounced. For example, had personal allowances kept pace with inflation since being frozen, the personal allowance would be significantly higher, and the higher-rate tax threshold would start at a much greater amount. This freeze effectively pulls more landlords into the higher tax brackets each year.

    Findings show that a notable percentage of buy-to-let purchases in 2025 were conducted through limited companies, a significant rise from previous years. The increasing appeal of limited companies can be attributed to the tax benefits they offer, especially as landlords face tighter financial situations due to rising tax rates.

    What Should Landlords Consider Before Transitioning to a Limited Company?

    While the corporate route may seem attractive, landlords must consider the implications of transferring properties into a limited company. This process is treated as both a disposal and a purchase, triggering capital gains tax upon exit and stamp duty land tax upon entry. For instance, a landlord who purchased a property many years ago could face significant tax liabilities if they decide to transfer it into a limited company.

    Additionally, the recent increase in dividend tax rates further complicates the financial market. These changes mean that landlords taxed on property profits before finance costs and only receiving a basic-rate finance-cost credit are likely to find their financial positions becoming increasingly strained.

    What This Means for Landlords and Investors in the Mortgage Market

    For landlords, the decision to operate through a limited company versus personally is becoming more critical as tax burdens shift. The changes in tax rates and the increasing number of landlords opting for corporate structures suggest that those who own properties personally may want to reassess their strategies. The upcoming changes in property income tax rates will further alter the market, with finance cost relief being adjusted, which may influence more landlords to consider the limited company route.

    Landlords should stay informed about these changes and consult with financial advisors to determine the best course of action for their individual circumstances. As the mortgage market continues to evolve, understanding these dynamics will be important for maintaining profitability and compliance. For more information on current mortgage rates, landlords can stay updated on how these changes affect their financial strategies.

    Frequently Asked Questions

    What are the benefits of using a limited company for buy-to-let properties?

    Using a limited company allows landlords to deduct finance costs before paying corporation tax, which can be more advantageous than personal income tax rates, especially for higher earners.

    What are the tax implications of transferring a property into a limited company?

    Transferring a property into a limited company is treated as a disposal and a purchase, triggering capital gains tax and stamp duty land tax, which can lead to significant costs for landlords.