Relief should extent to buy-to-let, expert says
News Category: Industry News
Published: 05-Dec-2008
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The government's financial package to help homeowners avoid repossession should be extended to the buy-to-let sector, according to the National Landlords Association (NLA).
Simon Gordon, head of communications at the group, said that it makes no sense not to include landlord buy to let mortgage holders in the scheme, since many will rely on rental income from their tenants amid the challenging financial environment.
It comes as buy-to-let mortgage holders might consider rent collection software after NLA figures show that 71 per cent of landlords believe that rental arrears will be a "major issue" in 2009.
Mr Gordon said extending the government's homeowner mortgage support scheme to landlords would give them breathing space in the current economic climate.
"It would give them a chance to offer any struggling tenants a similar period of time to get their finances in order and prevent the home being repossessed and lenders evicting tenants," he commented.
MPs are pressuring banks and building societies to pass on yesterday's one per cent interest rate cut by the Bank of England on to their mortgage borrowers.
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