Charity warns tenants to be wise to mortgage woes |
27 2008 |
| Tenants have been advised to stay wise to the fact that they may be required to look for a new rental property at short notice due to the ongoing difficulties in the mortgage market. According to recently-published figures from the Council of Mortgage Lenders (CML), loans taken out on buy-to-let properties are currently falling into arrears at twice the rate of normal products. This means that tens of thousands of such properties face the prospect of repossession, with those tenants living in them set to be left to find a new place should their landlord struggle with rising mortgage costs. Commenting on the figures, the housing charity Shelter warned tenants to stay on their guards. "These figures show the shadow of repossession is no longer just cast over homeowners, but also thousands of innocent renters who have no idea how close they are to eviction," chief executive Adam Sampson stated.  |
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