Buy to Let Landlords Lose Out
New figures from the Council of Mortgage Lenders (CML) shows that buy to let landlords are having their properties repossesed at a rate three times great than other homeowners.1,700 buy to let properties were repossesed in the first quarter of 2009. 4,100 properties were lost when including case of lenders appointing a 'receiver of rent' (appointed by the mortgage lender when a landlord defaults on mortgage payments).
In the first quarter of 2008, just 300 receivers of rent were appointed - this figure was 2,400 in the same period of 2009.
Buy to let mortgage are now also much more difficult to obtain. At the peak of the boom in Sept 2007, there were 3,662 different buy to let mortgages available - now there are just 218! for those getting a mortgage, the deposit required is now usually 25%, up from the previous norm of 15%.
Many landlords are struggling from a flooded market, reduced rents that don't cover their mortgages, and falling prices which means they struggle to sell or certainly can't cover their mortgage if they do sell.
If you're a buy to let investor struggling to make your mortgage payments and needing to sell your property quickly, then call quickmovenow.com - we may be able to help you.
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