Landlords are being overlooked for Government mortgage support and may end up having to pass higher costs on to renters, brokers have warned CallumCMason reports
“Current mortgage rates mean landlords are either having to stay with their existing lender via a product transfer due to interest coverage ratio calculations or consider selling up,” he said.
“Higher rates mean landlords have to pass this on to tenants or selling up means less stock either way,Mr Mendes added: “The Government should make the environment for landlords more tolerable and encourage lenders in the same way they do for residential mortgage holders.” David Hollingworth of L&C Mortgage said some of the measures in the mortgage charter might not help as many landlords as homeowners because of the interest-only nature of many landlords’ mortgages, but added that there was “no reason why they should be excluded from the charter”.
“Landlords will be hoping there’s help when required, as will homeowners, to help them navigate higher interest rates,” he said. “Anything that is impacting landlords is bound to feed through to tenants.” He added: “The Government should be underlining that lenders will help landlords as well, and I hope that they are doing so.”
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