Friday, August 15, 2008

Hope for a sale,,,

Buy-to-let landlords: how to avoid repossession

"It is worrying that 183,000 buy-to-let mortgages were taken out close to the top of the market," says Hargreaves Lansdown. "The real test of affordability is yet to come, in 2009 to 2010, when those who borrowed large sums at cheap rates in 2007 come off their fixed-rate deals."We are getting an increasing number of inquiries from professional buy-to-let landlords who are no longer able to churn their property portfolios to ensure they stay afloat."

Posted by pendulum @ 07:27 PM (3216 views)
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3 thoughts on “Hope for a sale,,,

  • Far more importantly, when are letting agents going to be required by law to vet landlords?

    There does seem to be a gaping legal loophole where the tenant can be forcibly evicted with no notice by the bank, but letting agents almost never vet landlords or do credit checks.

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  • Good one paul. Let’s go further and require that landlords can only operate where they can prove to the tenant and local council that their portfolio rents cover the mortgages and associated costs for at least 6 months (some landlords don’t use letting agents.)

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  • Tenants have little rights. There were more but the tories changed the shorthold tenancy laws in the early 90s (to let people let their homes easily and be able to evict within 2 months normally – even for tenants who are not in arrears or any other reason for eviction) to counter the last crash.

    Our wonderful LieBOur guv’mint saw no real reason to change these laws to give tenants more rights to actually stay in there HOMES.

    Expect a rash of tenants (inluding families) being thrown onto the streets by unscrupulous banks/landlords as the market crumbles.

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