Rates Rise will Have Knock-On Effect for Renters – Housing M&M Online


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Nick Marr, Co-founder of rental marketplace TheHouseShop.com, comments on the impact of the interest rates rise for tenants and landlords:

“We were all expecting the announcement of the interest rates rise today, but that won’t make it any easier for mortgage holders and landlords to deal with. Landlords have already been put under immense pressure by a raft of new legislation and changes to the Private Rental Sector over the past couple of years. Many landlords are already feeling the strain on their finances from the Section 24 tax changes and increased Stamp Duty on second home purchases – plus there is the highly likely possibility of an increase in letting agency fees once the Tenant Fees Ban kicks in. Adding to all these existing pressures with a further 0.25 per cent interest rate rise could make it even harder for Buy To Let landlords to maintain their bottom line.”

 

Read more in Housing Management & Maintenance here


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