{"id":19439,"date":"2018-02-22T11:55:48","date_gmt":"2018-02-22T10:55:48","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=19439"},"modified":"2020-07-08T15:29:00","modified_gmt":"2020-07-08T14:29:00","slug":"landlords-struggling-keep-payments","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=19439","title":{"rendered":"Landlords struggling to keep up with the payments"},"content":{"rendered":"<p>The buy to let mortgage gave a new wave of ordinary people the opportunity of a second income or pension investment in the form of a second property. Having a mortgage on the home they lived in wasn&#8217;t a problem &#8211; renting out the second property would more than cover the costs and provide a rosy financial future.<\/p>\n<p>However, in the last quarter of 2017, there were 1,200 buy to let mortgages in &#8216;significant arrears&#8217;, meaning that more than 10% of the payments due were outstanding. 5,100 buy to let mortgages were in 2.5% arrears. The figures are a fifth higher than the same quarter of the previous year.<\/p>\n<p>When the tenant stops paying the rent, the landlord must continue to pay the mortgage and associated bills. Evicting a bad tenant can take as long as ten months. The loss of rental income and costs involved in reinstating the property to a rentable condition can be too much for many landlords, and there is now the threat of rising interest rates when many buy to let mortgages are on a higher interest rate.<\/p>\n<p>Tax changes and a surcharge of 3% in stamp duty, together with increasing compliance costs, are taking their toll on smaller landlords, who are slowly pulling out of the market as a result of these burdens.<\/p>\n<p>Property experts agree that rents will inevitably rise as a result.<\/p>\n<p><a href=\"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=19066\">Back to February 2018 Newsletter<\/a><\/p>\n<p>\u00c2\u00a9\u00c2\u00a0<a href=\"http:\/\/www.propertysurveying.co.uk\/INDEX\/INDEX1.html\">www.PropertySurveying.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The buy to let mortgage gave a new wave of ordinary people the opportunity of a second income or pension investment in the form of a second property. Having a mortgage on the home they lived in wasn&#8217;t a problem &#8211; renting out the second property would more than cover the costs and provide a &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=19439\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Landlords struggling to keep up with the payments&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":22333,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[570],"class_list":["post-19439","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Landlords struggling to keep up with the payments - Property Surveying NEWSLETTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=19439\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Landlords struggling to keep up with the payments - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"The buy to let mortgage gave a new wave of ordinary people the opportunity of a second income or pension investment in the form of a second property. 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