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Rent freeze and eviction ban will be ‘final nail’ for landlords – Star Letter 24/02/2023

  • 24/02/2023
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Rent freeze and eviction ban will be ‘final nail’ for landlords – Star Letter 24/02/2023
Each week Mortgage Solutions and its sister title, Specialist Lending Solutions, pick the top comments from our readers.

The majority of this week’s comments come in response to: City mayors call for rent freezes and eviction bans

David Goose said: “Well the city mayors need sacking. [Buy-to-let] mortgage payments are tripling and you can’t increase the rent? Ridiculous.

“The UK system of government is not fit for purpose. The whole lot need sacking, and a new system needs to be found. Our politicians are incapable of seeing the consequences of anything they do. Get rid of them.”

Stephen Lupton added: “Absolute idiots, is there also going to be a ban on lenders increasing mortgage rates and repossessions as you will find many landlords are also being squeezed in the current climate or do these people think that landlords are not affected.”

Loz noted: “So governments and central banks can squeeze landlords and, mortgaged, homeowners into financial hardship, but tenants are unaffected? Madness.

“For too long, the government have been trying to end property investment as a pension provision, directing the money to their fund manager pals to milk it. Only wealthy cash-buyers welcome.”

Arron said: “Sorry tenants will be encouraged to stop paying rent, even if they can afford it. And landlords will be forced to sell their properties, if allowed, as they will not be able to afford the mortgages.”

Spinmeister added: “[This is] economic illiteracy – look at Dublin – hundreds of people queuing for one property.

“The end result will be even more private landlords quitting the sector as I’m in the process of doing. Anyone who wants to be a landlord these days is stark staring mad and will soon be losing money by the bucketful.

“Landlords already have no financial incentives to remain in the business – this will be the final nail.”


Sub-four per cent deals are ‘not staying long’

There was also a response to the article: Swap rate trends suggest current mortgage pricing is here to stay – Maddox

MBroker said: “Rates have generally been highly sensitive to political news and macroeconomic indicator releases. So, the First Lady of Ukraine being on GMB yesterday morning and warning the British people that the cost of living crisis will get worse, possibly caused the latest spike in swap rates.

“I’m not sure we will see rates get any lower for a while, I think we have small increases around this next Bank of England meeting, if not sooner. The 3.99 per cent fixes are not staying long, and I don’t believe this is necessarily due to high volumes.”


‘Should be a better way than a high fee’ for buy-to-let affordability

The last comment was on the article: Why are BTL lenders moving to variable interest rate and fee structures? – Brett

David Goose said: “There should be a better way than a high fee. A £300,000 mortgage with three, four or five per cent fees means £9,000, £12,000 and £15,000 fees.

“How can this be right? Brokers subscribe to Treating Customers Fairly and it seems to me lenders are not applying the same rules.”


The comments here are from our readers and do not necessarily reflect the views of Mortgage Solutions and Specialist Lending Solutions.

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