This target market has responded to forthcoming tax changes on interest deductions by increasingly holding property through limited companies, he noted. The proportion of new buy-to-let purchase applications through limited companies has continued to rise to 58 per cent in June from 40 per cent in December.
“We are clearly mindful of uncertainty arising from the result of the EU referendum,” Mr Golding added. “However, we have a strong balance sheet and capital position, with our average LTVs for both residential and BTL/SME books low at 57 and 68 per cent, respectively at 30 June.”
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