Experts have said that an increasing numbers of landlords with one or two properties that have mortgages will sell up, as some are now making losses and have lost hope this will change soon CallumCMason reports
and mortgage costs going up, the attractiveness of renting out a home is decreasing.
In the first quarter of the year, around 25 per cent of landlords with three or fewer properties told the NRLA that they planned to sell at least one in the next 12 months. This means a landlord with a £200,000 mortgage on a 25-year term would see monthly payments of £1,300, up £289 per month from £1,011 on the amount they would pay if they signed a comparable deal a year ago.
“This inevitably means that they are amongst those feeling the impact of recent hikes most acutely. In many cases, when their fixed mortgage rates expire, their interest payments are doubling or tripling overnight, leaving their portfolios loss-making”, they added.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Small firm closures behind rise in liquidations, experts sayThe Federation of Small Businesses says independent traders face a perfect storm.
Read more »
Oil Steady After API Confirms Small Crude Build | OilPrice.comCrude oil inventories in the United States increased this week by 1.024 million barrels, the American Petroleum Institute (API) data showed on Tuesday. oott brent wti
Read more »
Sony NW-A306 review: a small but mighty digital audio player with a retro lookSony's Walkman is back! And it's one of the most affordable hi-fi audio players on the market
Read more »
Wilko shoppers are rushing to buy 'great value' garden set scanning for £95 lessWILKO shoppers have spotted a garden set scanning for a whopping £95 less at tills. It’s the Amora Rattan Effect Chairs and Small Table Anthracite set, now priced at £100. Shoppers are rushin…
Read more »
How Buy Now Pay Later schemes can affect your credit scoreWhile there’s nothing wrong with using Buy Now Pay Later, it’s not risk-free either – you are still taking on debt, it could hurt your credit score and the sector is unregulated imogent_ explains what you need to know ⬇️
Read more »
Experts give a tour of inside the treasure box of the A-listed Paisley MuseumPOWDERY white lengths of broken cornicing lie stacked on wooden shelves as paint peels from the walls and we creak our way across dusty wooden…
Read more »