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Buy-to-let "pensioner landlords” consider selling up

More than four out of 10 pensioner landlords are seriously thinking about selling their buy-to-let property even though it offers them valuable retirement income.

More than seven out of 10 said they will struggle to make ends meet without their buy-to-let income.

Responsible Equity Release polled more than 1,000 retirees with a buy-to-let property and found that 92% were worried about the impact of mortgage interest tax relief on their investment property profits.

Steve Wilkie, managing director, Responsible Equity Release, said the buy-to-let tax has left many pensioner landlords considering whether it is worth holding onto their buy-to-lets at all. 

"For many pensioners, having a buy-to-let property has been a life saver in this low interest environment.

“While their savings have languished, earning very little interest, and pension income has been hit hard by falling share prices, property income has remained strong.

“Without the income boost from their buy-to-let, many would really be struggling to make ends meet.”

Wilkie said that George Osborne has forgotten that a new tax on buy-to-let won’t just hit the wealthy.

“It will also hit those honest, hard-working people who may have a single buy-to-let property and were just hoping it would earn them a little extra income in retirement.”

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