Landlords are feeling abandoned by the Government during the COVID-19 pandemic with 64 per cent saying they haven’t received any financial support and 52 per cent believing they should receive future financial support.
The panel of landlords, surveyed by OnePoll for The Mortgage Lender, favour the reintroduction of tax relief on mortgage interest payments for a limited period (63 per cent) and automatic deferral of tax bills for 12 months (52 per cent) as a way to support the sector as it recovers from the financial hit of COVID-19.
Overall 64 per cent of landlords reported they had received no financial assistance during the pandemic, 20 per cent of landlords had received a bounce-back loan, 24 per cent had taken a payment deferral as a precaution and 11 per cent had taken a payment deferral out of necessity.
Of the landlords who had received financial assistance 44 per cent reported that it had already impacted on their ability to obtain further mortgage funding while 31 per cent expected it to impact them negatively in the future. Only 8 per cent of investors felt the assistance they had received would have no impact on their future plans.
The Mortgage Lender sales director Steve Griffiths said: “When the Government was putting together its package of financial assistance for homeowners and tenants, BTL landlords weren’t a consideration.
“Some have benefitted from a bounce-back loan and some have taken advantage of payment deferral on their mortgages but the additional tenant protection included in the Coronavirus Act 2020 has led to landlords feeling that they have been overlooked.
“The Government was also unequivocal that payment deferrals wouldn’t impact on an individuals’ credit file, however a large number of those BTL landlords who have received financial support in the form of a payment deferral are reporting that it is already impacting their ability to obtain mortgage funding.
“We don’t use a tick box approach to underwriting but rather look at the individual and the property portfolio as a whole to determine whether we will lend – we’re also available to talk through cases with brokers before they are submitted.”
There’s plenty more where that came from. These ones are on us.
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