Landlords - are you budgeting for loss of tax relief

Following the summer budget, many landlords are still coming to terms with the proposed changes in how rental income from property is taxed.
The amount of income tax relief available to landlords on residential property borrowing (the main one being mortgage interest) will be restricted to the basic rate of tax.

Whilst this will be phased in over 4 years from April 2017, those with higher incomes paying higher rate tax will need to budget for this loss of tax relief as by the 2020-2021 tax year all of the cost will only attract 20% tax relief and not the higher marginal rate landlords may have become used to.
Furnished holiday lettings are excluded from this change.