and mortgage costs going up, the attractiveness of renting out a home is decreasing.
In the first quarter of the year, around 25 per cent of landlords with three or fewer properties told the NRLA that they planned to sell at least one in the next 12 months. This means a landlord with a £200,000 mortgage on a 25-year term would see monthly payments of £1,300, up £289 per month from £1,011 on the amount they would pay if they signed a comparable deal a year ago.
“This inevitably means that they are amongst those feeling the impact of recent hikes most acutely. In many cases, when their fixed mortgage rates expire, their interest payments are doubling or tripling overnight, leaving their portfolios loss-making”, they added.
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Source: i newspaper - 🏆 8. / 89 Read more »