Landlords - flaming July!

Well guys and girls!

We value you all equally here at Property Hawk!

July has got off to a disappointing start. Firstly, two of my mortgage companies have hiked my rate. The Leeds BS hike has been particularly aggressive going from the 0.24% 3 year base rate tracker to its' standard variable rate of 5.79%. OUCH! The result a 600% increase in my buy-to-let mortgage payments.

The other hike is a buy-to-let mortgage I've got with Mortgage Express. The increase to 2.25% is not quite so painful but my mortgage payments have still doubled. This meant a speedy recalculating of my cashflow which thankfully is still very positive.

To cap it all, I've had a call from one of my tenants informing me that their business has gone under. This means they can only pay £350 this month rather than the agreed rent of £475.

I'm here tonight to talk through the tenancy and also present her with a section 21 notice.

My hopes are that the rent issue can be sorted once the tenants benefits are paid in full. However, with the LHA rates likely to be cut next year and my property being amongst the better properties in the area. I'm worried that my tenants and ultimately me; wont get the full rent.

So it looks like it's going to be a flaming July, but not quite the type I was hoping for...

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