2020 has been a difficult year for most of us, and the letting industry has been badly affected. Some landlords have received some financial backing, but this doesn’t apply to every landlord. There is also a call for more help for landlords.
64% of landlords who respondent to the survey provided by TML, The Mortgage Lender, said they haven’t received any financial support and 52% of respondents believe they should receive financial support in the future.
Some other key findings of the study include:
- 63% of respondents favour the reintroduction of tax relief on mortgage interest payments for a short spell of time
- 52% of respondents have called for an automatic deferral of tax bills for 12 months
- 20% of landlords state they have received a bounce-back loan
- 24% have taken a payment deferral as a precautionary measure
- 11% of respondents have taken a payment deferral out of necessity
Concerns about landlords backing in the future
From the group of landlords who have received financial assistance, 44% of them have said it has already impacted on their ability to arrange further mortgage funding. This was a concern many landlords had back in March and while it was suggested it wouldn’t be an issue, it was a worry that there was no definitive answer.
31% of the landlords who have received financial support expect it to negatively impact on them in the future.
Only 8% of landlords who have received financial backing don’t expect it to count against them in the future.
Steve Griffiths, TML sales director, said: “When the Government was putting together its package of financial assistance for homeowners and tenants, BTL landlords weren’t a consideration. Some have benefitted from a bounce-back loan and some have taken advantage of payment deferral on their mortgages but the additional tenant protection included in the Coronavirus Act 2020 has led to landlords feeling that they have been overlooked.”
Steve Griffiths also said; “The Government was also unequivocal that payment deferrals wouldn’t impact on an individuals’ credit file, however, a large number of those BTL landlords who have received financial support in the form of a payment deferral are reporting that it is already impacting their ability to obtain mortgage funding. We don’t use a tick box approach to underwriting but rather look at the individual and the property portfolio as a whole to determine whether we will lend – we’re also available to talk through cases with brokers before they are submitted.”
We are here to help
At Just Lets, we know these are challenging times, and we are keen to help as many landlords in and around Peterborough as we can. If you are looking for assistance or guidance in any matter, please get in touch, and we will do our best to support you.
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at firstname.lastname@example.org or call us today on 01733 346255.