Are you a Buy-to-Let Landlord?
As a Buy-to-Let Landlord, the recent government announcements have implications for you. Over the next three months you will not be able to start any eviction proceedings regardless of your tenants’ payment status. Recognising the additional pressures COVID-19 may put on landlords, the government has confirmed that the three month mortgage payment holiday applies to landlords whose tenants are experiencing financial difficulties due to coronavirus. At the end of this period, landlords and tenants will be expected to work together to establish an affordable repayment plan, taking into account tenants’ individual circumstances. Reach out to your mortgage provider to determine if you can secure the three month mortgage holiday and if there are any other ways to reduce your annual costs given the reduction in interest rates.
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