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Three month mortgage payment holiday for buy-to-let landlords

Three month mortgage payment holiday for buy-to-let landlords

Reported on the 19th of March 2020
Source: Landlord Today
 

The chancellor’s promise of a three-month mortgage payment holiday to customers affected by coronavirus has been extended to buy-to-let borrowers whose tenants are experiencing financial difficulties due to coronavirus, the government has confirmed.

The protection for landlords is designed to ensure that they do not have to handle unmanageable debts after the government said that no renter in either social or private accommodation will be forced out of their home during this difficult time.

Emergency legislation will be taken forward as an urgent priority so that landlords are not permitted to start proceedings to evict tenants for at least a three-month period, ensuring that no renters need to be concerned about the threat of eviction.

The housing secretary, Robert Jenrick, said: “The government is clear – no renter who has lost income due to coronavirus will be forced out of their home, nor will any landlord face unmanageable debts.

“These are extraordinary times and renters and landlords alike are of course worried about paying their rent and mortgage. Which is why we are urgently introducing emergency legislation to protect tenants in social and private accommodation from an eviction process being started.

“These changes will protect all renters and private landlords ensuring everyone gets the support they need at this very difficult time.”

Landlord groups have welcomed government support. 

Ben Beadle, chief executive of the National Residential Landlords Association, said: “Landlord groups welcomes government support. We recognise the exceptional circumstances and we will work collaboratively with government to ensure these measures protect both landlords and tenants.”

FULL ARTICLE https://www.landlordtoday.co.uk/breaking-news/2020/3/three-month-mortgage-payment-holiday-for-buy-to-let-landlords