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Monday, April 26, 2010

Landlords lose interest option

A worrying prospect has been highlighted in the Irish investment market where some Irish landlords are facing the prospect of not being allowed to have their interest only facility renewed by their buy-to-let lender.

Commenting on the prospect Frank Conway of the Mortgage Corporation:

"We could be in for a bloodbath in the small-time landlord sector where many properties were financed through interest-only loan facilities on the expectation that this market was all about capital appreciation and relatively quick exit," said Mr Conway.

Property Hawk is not aware that at this stage that any UK banks are planning the same for the UK buy-to-let market.

Lenders such as the nationalised Bradford and Bingley have made attempts to encourage landlords to make over payment to their buy-to-let mortgage account by waiving charges on over payments.

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