A Landbay survey of more than 2,000 buy-to-let landlords found nearly eight in 10 worried ahead of the October 2026 Budget
Nearly eight out of ten buy-to-let landlords feared further tax changes ahead of today’s Autumn Budget, according to new research by specialist lender Landbay. The Q3 2026 survey, conducted with more than 2,000 landlords, found 49% described themselves as “very concerned” about the prospect of additional tax measures. A further 31% said they were “quite concerned.”
It's been a challenging period for landlords. Over the past decade, landlords have absorbed the phasing out of full mortgage interest relief under Section 24. The stamp duty surcharge on additional properties rose from 3% to 5% on 31 October 2024. The capital gains tax-free allowance fell from £12,300 to £3,000.
Making Tax Digital for income tax self-assessment became mandatory from April 2026 for landlords earning above £50,000. The prospect of yet more change has pushed landlord anxiety to a new peak.
Mortgage brokers have work to do in supporting their clients. Landlords in this environment need clear advice on refinancing, restructuring, and ownership options. The brokers who engage now stand to deepen relationships with a client base actively looking for guidance.
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Finance costs and tax in the top two concerns
When landlords were asked to name their single biggest concern, mortgage interest rates and finance costs came first at 29%. Further tax changes followed at 26%. Together, those two concerns account for more than half of the sector’s anxiety — and both sit within the broker’s domain.
Limited company buy-to-let has attracted growing interest as a tax mitigation route. Under HMRC rules, companies continue to receive relief for mortgage interest and other finance costs in the usual way. Individual landlords are restricted to a 20% basic-rate credit under Section 24.
The impact on decision-making was visible before today’s announcement. One in five landlords (22%) put property purchases on hold. Remortgaging and refinancing decisions were delayed by 16%, while 14% postponed planned improvements. Smaller proportions held off on sales (12%) or changes to portfolio ownership structure (11%).
Despite that, more than half — 52% — said they had not delayed any business decisions ahead of the Budget. Most landlords remain operationally engaged even as they watch the political weather closely.
What does today’s Budget mean for your landlord clients?
Confidence is cautiously improving. The proportion of landlords reporting a positive outlook for the next 12 months rose to 28%, up from 22% in the previous survey. A further 33% remained neutral. A third of respondents — 34% — said they plan to expand their portfolios in the next 12 months.
For brokers, the current buy-to-let market presents a significant pipeline opportunity, particularly around remortgaging. Landbay noted that refinancing will remain a key focus through the remainder of 2026 and into 2027. A large volume of fixed-rate deals continue to mature.
“The strength of concern about further tax changes ahead of today’s Budget is perhaps not surprising, given everything landlords have already had to contend with over the last decade," said Rob Stanton, sales and distribution director at Landbay. "However, the fact almost eight in 10 are worried about what the Chancellor might announce today should send a clear message about the importance of providing this community with greater certainty.”
Stanton added: “Ultimately, what landlords need from today’s Budget is greater clarity and confidence about the environment in which they are operating, rather than further measures which could make investment decisions even more difficult. We hope the Chancellor does not underestimate the vital role the PRS and landlords play in ensuring we have a fully-functioning housing market.”
