spacedin Posted October 23, 2023 Share Posted October 23, 2023 What with Section 24, converting btls into serviced accommodation seems to have become very popular lately and is making the cost of living crisis even worse by helping to push up rents in the private rented sector. Most btl mortgage lenders do not allow btls to be used as serviced accommodation. Given what landlords are generally like, I can't help but wonder if they're breaking the terms of their btl mortgages by doing this. What are the chances that many have remortgaged? It doesn't half sound like another scandal in the making. Labour are talking about increasing the SDLT 3% surcharge to discourage btl spectulation but probably more to combat second home ownership. Cracking down on this btl mortgage practice would be probably more effective a tool. I just wonder how widespread it is. Do you know of any of these landlords who've converted a considerable portion of their portfolios into serviced accommodation? Did they remortgage? Quote Link to comment Share on other sites More sharing options...
Stewy Posted October 24, 2023 Share Posted October 24, 2023 I suspect banks will turn a blind eye to this activity by BLTers so long as the mortgage is being paid. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted October 24, 2023 Share Posted October 24, 2023 2 hours ago, Stewy said: I suspect banks will turn a blind eye to this activity by BLTers so long as the mortgage is being paid. Yes, the rising interest rates make these debt holders ripe fruit for the banks. Quote Link to comment Share on other sites More sharing options...
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