You thought you needed a quick house sale ? Well imagine if you had 20 buy-to-let mortgages to maintain and 20 mortgage arrears actions against you. Repossession after repossession.
The UK has around 400,000 buy-to-let investors and the situation for them is not looking good with landlords realising that the rental income is not covering their mortgages in many cases. This coupled with the average time to sell a house becoming much longer due to a slowdown in the market, has ‘crisis’ written all over it. Most investors are coming to the end of their fixed-rate terms on their mortgages so the rate increases could spiral them into debt. Normally Landlords would just increase the rents and pass the cost onto tenants but due to the increase in competition are scared to do so in fear of losing tenants. The best time to sell houses is spring and early summer so with late summer and autumn approaching the future is not looking so good for apprentice landlords.
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