John Charcol COVID-19 Video Guide Summary: Buy-to-Let Landlords and Borrowers

Written on 3 April 2020 by Robyn Clark


What Developments Have Been Made Regarding Buy-to-Let Landlords?

  • The Government have said that payment holidays will include all buy-to-let landlords as well as all residential borrowers
  • This means that if the end date for your existing product is approaching, you’ll need to decide whether you want to do a payment holiday and wait for a product transfer, or whether you’d rather do a product transfer now and hold off until you’re able to do the payment holiday as most lenders cannot do a payment holiday and product transfer at the same time

What Measures Did the UK Government Put in Place for Buy-to-Let Landlords?

  • The Government have announced that buy-to-let landlords are able to get a 3 month payment holiday like residential borrowers

What Advice Would You Give to Landlords?

  • Talk to your tenants to find out what’s going on and how they are as, although they may not be able to pay rent for a few months whilst their situation changes, you - as a landlord - will face significant costs if you need to replace them – e.g. estate agents, moving costs, etc.

Will There Be Opportunities in the Property Market in the Coming Months?

  • There will be opportunities in the next few months in the property market as property prices are likely to take a bit of a tumble
  • If you’re looking to expand your portfolio or remortgage some existing properties then now’s the time to get your finances in order and take advantage of the market

What Action Can I Take?

  • You can get your finances in order: talk to a mortgage adviser, get a plan of action together and decide on your next steps
  • Speak to a mortgage adviser if:
    • You’re looking to do product transfers
    • You want to know more about payment holidays
    • You’re looking to raise money
    • You want to see if there’s a better option for you on the market than your product transfer
  • If you’re looking for a mortgage, make sure you submit an application to get things ready before rates go up so that you benefit from the lower rates on the market right now

Categories: General Mortgage Information, Robyn Clark

You are currently offline. Some pages or content may fail to load.