Posted: 15th June 2023

Stark warning as rising interest rates threaten to turn many rental owners into mortgage prisoners

Lenders are tightening their borrowing criteria, which a growing number of landlords fail to meet.

They are left with the choice of being stuck on the standard variable rate (SVR) – or selling up.

Gavin Richardson, managing director of Mortgages for Business said, “It’s a critical situation for small landlords at the moment. They are worried about Section 21 [eviction ban] reform and EPC regulations and tax. On top of that, they’re having to worry about higher mortgage rates.

Some lenders offer landlords a new deal without asking them to pass a new stress test. Others will allow borrowers to remortgage at reduced fees, while a few are actively looking at ways to help.

“But not all of them will,” concludes Richardson. “The money markets are proving tricky for lenders to navigate and many are sticking with ‘computer says no’. Having a good broker has never been important.”

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