A quarter of landlords are facing nonsensical complaints from their tenants, including changing a lightbulb, and four in ten have experienced property damage according to a special report ‘Buy to Let: The Landlord Experience’ from The Mortgage Lender.
It asked a panel of residential landlords what issues they had experienced with tenants. After property damage and nonsensical complaints came arrears up to three months followed by furniture damage and theft, and arrears over three months.
Unpaid utility and other bills came in at joint fifth place with one in five landlords reporting tenants who had left a property without settling their debts.
When asked what type of tenants were responsible for the issues experienced by landlords one in two said a single family, four in ten cited a single person and one in eight said benefit recipients.
The Mortgage Lender deputy chief executive Peter Beaumont said: “Our research suggests being a landlord isn’t for the faint-hearted, finding tenants who will pay on time, look after the property and be able to change their own light bulbs doesn’t appear to be easy.
“But at The Mortgage Lender we’ve priced our products and honed our criteria to help landlords with real life borrowing requirements secure a mortgage that’s right for them – so that’s one less thing for landlords to worry about while they are changing their tenants’ lightbulbs.”
Top five Issues landlords have experienced with tenants
|Nonsensical complaints eg changing lightbulb||26%|
|Arrears up to three months||23%|
|Arrears over three months||19%|
|Unpaid utility/other bills||19%|
The Mortgage Lender is an intermediary-only mortgage lender. It provides real life lending choices for a wide range of borrowers including employed, self-employed, those with impaired credit, lending into retirement and buy to let investors.
In 2019 it has launched expat buy to let, Help to Buy residential mortgages, its first buy to let fees assisted remortgage product and completed its first UK mortgage-backed securitisation of residential assets for a total notes issuance of £238.5m.
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