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Buy-to-let landlords facing financial cliff edge after mini-budget

Mortgage market meltdown has left many amateur landlords facing a stark choice: to raise rents or sell up

Britain’s amateur landlords have benefited from years of runaway house price inflation, while intense competition among tenants has sent rents soaring. Now, thanks to the meltdown in the mortgage market triggered by last week’s disastrous mini-budget, many face a financial cliff edge.

Figures shared with the Guardian show that the number of new buy-to-let mortgage deals available has plummeted by 55% in less than a week as lenders frantically pulled products and in many cases increased prices.

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from The Guardian https://ift.tt/npPjg98
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