According to UK Finance, the number of landlords who are seriously behind with their mortgage payments has increased by 20%.
There were 1,200 buy-to-let mortgages in “significant arrears” in the last quarter of 2017, a fifth higher than in the same quarter in 2016.Significant arrears means they owe more than 10% of the outstanding balance.
The figures suggest some landlords may be beginning to struggle financially, following a series of tax changes.
The Royal Institution of Chartered Surveyors has already warned that landlords are pulling out of the market as a result of the tax changes. It said rents may rise as a result.
Among the tax changes facing landlords have been a 3% surcharge on Stamp Duty for any property they buy, and a gradual reduction in the amount they are able to claim in tax relief.
The UK Finance figures also show that 600 buy-to-let properties were re-possessed by banks in the last quarter of 2017. That was the same number as in 2016.
If you are Landlord needing support over finance or with Tenant problems,or need business advice please contact us. Call 0161 624 6811 (option 4) to speak to John Porter and Soibi Iketubosin in our Company/Commercial Department or email jap@wrigleyclaydon.com or si@wrigleyclaydon.com
Author: Shalish Mehta
http://www.wrigleyclaydon.com/ Shalish is an experienced dispute resolution solicitor who joined the firm in 2002 ago upon qualifying as a solicitor and provides a proactive approach whilst retaining the personal touch
to help you achieve the best possible outcome for your case. He acts on behalf of both private individuals and commercial clients. He can assist and advise at any stage of a dispute including mediation through to court action and injunctions.
Shalish is a keen sportsman, regularly playing cricket and five-a-side football and also watching live sport. He enjoys city breaks and takes great pleasure in sampling different cuisines from around the world.
Shalish is fluent in Gujarati and will happily represent those for whom Guajarati is the first language, in English. He is also happy to offer his services as a translator to our clients as necessary.
What clients say about Shalish:
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