You are here: Home - News -

Limited company BTL included in mortgage holiday measures

by:
  • 19/03/2020
  • 0
Limited company BTL included in mortgage holiday measures
Mortgage payment holidays offered by buy-to-let borrowers as a result of the Covid-19 crisis do apply limited company deals, UK Finance and the Building Societies Association (BSA) have confirmed.

 

Both trade bodies confirmed the details to Specialist Lending Solutions, noting that their member lenders would be taking this approach.

The intention of the buy-to-let measures announced last night, to match those for residential borrowers, is that any residential tenant should not be impacted by the situation.

However, commercial properties and business tenants are not covered by the mitigating factors.

Lenders who are not a part of either trade body will be taking their own approach to the situation.

Castle Trust told Specialist Lending Solutions it is considering any hardship on a case-by-case basis at the moment to help ensure it is providing the most appropriate support.

The lender added that it would keep the policy under review as the situation develops.

 

Protect landlords and tenants

UK Finance and the BSA published the key steps of how the mortgage payment holiday and moratorium on repossession and eviction activity will operate.

Commenting on the announcement, Nationwide director of mortgages Henry Jordan said: “As the UK’s second largest buy-to-let mortgage provider we feel it is important to extend protection to landlords and their tenants during this uncertain period.

“We have extended mortgage payment holidays to include rental properties so that landlords with tenants who are unable to meet rental payments because of coronavirus are protected as much as possible.

“These payment breaks will be able to be arranged via The Mortgage Works – Nationwide’s buy-to-let arm. We would encourage tenants to speak to their landlords if they are impacted or worried about coronavirus to ensure that steps can be taken to support them at this time.”

Bank of Ireland emphasised that payment breaks offered by the bank will not affect customers’ credit files held by credit reference agencies and that its support included mortgages provided through its partnership with the Post Office.

 

 

There are 0 Comment(s)

You may also be interested in

Read previous post:
British Specialist Lending Awards 2020 postponed

The British Specialist Lending Awards 2020 has been postponed until October due to the Covid-19 pandemic.

Close