Angry landlords in the UK say the government has forgotten them during the
Covid-19 pandemic, a survey reveals.
According to The Mortgage Lender (TML), who carried out
the survey, 64% of landlords say they have not received financial support
during the pandemic crisis.
And 52% of landlords say they should receive some sort of future financial
Also, 20% of landlords say they have received a bounce-back loan.
The survey also highlights that 24% of landlords say they have taken a
mortgage payment deferral.
‘BTL landlords were not a consideration’
The sales director at TML, Steve Griffiths, said: "BTL landlords were not a
consideration when the government put together its package of financial
assistance for tenants and homeowners.
"Some benefited from a bounce-back loan, some took advantage of a mortgage
payment deferral, but the additional tenant protection has led to landlords
feeling they have been overlooked."
He added that the government stated that mortgage payment deferrals would
not have an impact on a landlord's credit file, but the survey has found
that large numbers of BTL landlords who received financial support with a
payment deferral say it is already impacting their mortgage borrowing
Landlords are in favour of a reduction in tax relief
The survey also reveals that 63% of landlords are in favour of a reduction
in tax relief on their mortgage interest payments for a limited time.
Also, 52% of landlords would like an automatic deferral of their tax bills
for one year to help them recover from the Covid-19 financial hit.
News that landlords are angry about being overlooked does not come as a
surprise to Simon Thompson, the managing director of Accommodation for Students.
He said: “This has been a very trying year for landlords who have seen
financial help being handed to lots of sectors, including their own
tenants, but the Government shows little or no inclination to offer
financial help to landlords.
“That’s a mistake since landlords are providing much-need quality homes for
rent but many are struggling and do need help.”
Covid-19 rent guarantee and legal cover unveiled
Meanwhile, a new legal cover and rent guarantee insurance product that can
be used under Covid-19 pandemic restrictions has been unveiled.
It is being offered by the insurance provider Berkeley Alexander who say that many rival insurance firms
dropped similar products when the lettings sector began showing economic
uncertainty earlier this year.
The firm's managing director, Mark Hutchings, said: "It was no surprise
that insurers pulled out of legal expenses and rent guarantee products for
landlords, but we are able to offer this product for our advisers and
brokers to provide landlords with surety."