Buy-to-let borrowers are at a higher risk of experiencing negative equity of their properties than owner-occupied loans, according to Standard & Poor’s. S&P warned that even in modest declines in house prices over the next two years could send more than 30% of buy-to-let loans under water, compared with 17% for mortgages held by customers who occupy their homes. The credit agency attributed the gap to the higher average loan-to-value ratio among buy-to-let loans.

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