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TODAY'S OTHER NEWS

Three month mortgage payment holiday for buy-to-let landlords

The chancellor’s promise of a three-month mortgage payment holiday to customers affected by coronavirus has been extended to buy-to-let borrowers whose tenants are experiencing financial difficulties due to coronavirus, the government has confirmed.

The protection for landlords is designed to ensure that they do not have to handle unmanageable debts after the government said that no renter in either social or private accommodation will be forced out of their home during this difficult time.

Emergency legislation will be taken forward as an urgent priority so that landlords are not permitted to start proceedings to evict tenants for at least a three-month period, ensuring that no renters need to be concerned about the threat of eviction.

The housing secretary, Robert Jenrick, said: “The government is clear – no renter who has lost income due to coronavirus will be forced out of their home, nor will any landlord face unmanageable debts.

“These are extraordinary times and renters and landlords alike are of course worried about paying their rent and mortgage. Which is why we are urgently introducing emergency legislation to protect tenants in social and private accommodation from an eviction process being started.

“These changes will protect all renters and private landlords ensuring everyone gets the support they need at this very difficult time.”

Landlord groups have welcomed government support. 

Ben Beadle, chief executive of the National Residential Landlords Association, said: “Landlord groups welcomes government support. We recognise the exceptional circumstances and we will work collaboratively with government to ensure these measures protect both landlords and tenants.”

Poll: Are you pleased to see the chancellor’s promise of a three-month mortgage payment holiday to customers affected by coronavirus extended to buy-to-let borrowers?

PLACE YOUR VOTE BELOW

  • Suzy OShea

    This is definitely a welcome step. now they only need to add council tax, insurance and utility charges! Which also need to be paid!

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    Yes but who pays the council tax and utility charges on your rented properties - not you I bet.

     
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    I am sure there will be plenty of genuine tenants who for no fault of there own will be unable to pay the rent due to the current situation but surely it is up to the courts to determine on a case by case basis if tenants have good reason not go pay their rent
    as it becomes due.
    As it is, it takes many months to get a court appearance and with the many other pieces of legislation introduced in recent years many established landlords are exiting the market which only leads to uncertainty for their tenants.
    There has to be a better solution than that being pushed through.

     
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    This is encouraging non payment, is effect guaranteed free Rent for three months which will never be recovered.

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    This is of course exactly what will happen, so where it does either evict when this is all over or increase the rent to make up the short fall

     
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    Exactly this is going to prediction

     
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    same as telling public sector to self-isolate--2 weeks extra paid holiday!

     
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    Instead why don't struggling tenants apply to the government for an emergency coronavirus loan instead of robbing landlords?

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    Too easy for them. They get in debt from someone who will track them to the ends of the earth to get the money back. Will you as a landlord or put it down to experience?

     
  • phil dillon

    So suddenly the PRS is expected to give Tenants a holiday and get it repaid over god knows how long etc, cant blame the Tenants but the Govt have to give something back to LL ie S24 Scrap and repay taxes from last 3 periods, CGT remove the addittional 10% , so if we sell at some point we can maybe scrape a profit.

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    my fear is tenants will take the you know what ! the government need to make grants to tenants and pay the rent direct to the Landlords.
    Because getting back the unpaid rent will take time and in effect give tenants an interest free loan
    at the expense of the Landlord !
    A simple solution is to have the tenants make a benefit claim for rent and it paid direct to Landlords.

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    I never let them get away with it.....
    I ensure that every 6 years a new CCJ goes against them.
    So I am a constant and permanent reminder that they owe money.....Plus, each time, the inflation over the previous 6 years gets added......

    They currently owe me around £11,000 - and I will never stop.

    The CCJ is good value each time just to make these people understand that they are GUILTY and that eventually I will get repaid.

    And at some time, I will get the High Court and the Bailiffs to get them to pay...That will be a VERY happy day.

    How dare they disregard the law?

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    How can you issue a claim against an ex-tenant, if a tenant gives you a false new address? Do you know if you are permitted to ask for their NINO?

     
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    @ Elina, there are many ways to trace people, I always insist on proof of a new tenant's NI number, this makes tracing them easy, as I have often said before it's not the money, it's the princible .

     
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    The 3 month rent payment holiday is ridiculous !! My rents are so low already, they range from £325 (1 bed flat) to £595 (Detached house, good area, amazing views). I am a good landlord, that provide's cheap & great condition properties to rent for my local community, & the majority of landlords are good like myself.
    The rent (after mortgages, maintenance, bills, etc) is my income that I rely on to live, just as normal employed people do. So who will pay my (and other landlord's) bills. Landlords have have a torrid time lately with all the measures the government has put in to penalise landlords, which has sent many landlords over the edge & had to sell their portfolio's. The community needs cheap housing that I provide. If I give my tenants 3 months rent holiday, I would be finished !! The 3 month rent holiday is just the same as if I said to my local supermarket, let me have my food for free for 3 months, or went to the petrol station to fill up for 3 months for free, or my lease car, no payment for 3 months, which the government has not asked other businesses to do, but they have with private landlords. Why are the government hell bent on targeting & ruining private landlords. We need to earn money to eat as well !!

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    Paul
    I haven't seen you on here before, but you made an excellent post.
    I am afraid that the government sees us as a section of the community that are expendable.
    I am pretty much in the same situation as you are with already low rents here in Wales.
    I have recently replaced two boilers in my properties at the cost of three months rent and coupled with maintenance and ground rent which amounts to another six weeks rental income, giving the tenants three months free would effectively mean that I would have received less than half a year's rental from both.
    I am going to have to delve into my savings (which I am already doing to renovate a rental property that has come back on the market) for the near future if this happens.
    This situation could not have come at a worse time for landlords who are suffering from over regulation and government interference almost weekly.

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    Hi John, I totally agree, & I forgot to mention in my earlier post - like you I have had to replace 3 combi boilers & also expensive storage heaters (to comply with EPC) this year, also quite a lot of other maintenance issues, expensive roof repairs (due to the 3 storms we have had).

    I have had to lend money off family members, because my expenses have been quadruple what my rental income has been - I still owe the full amounts to these family members.

    I don't think the government realise how expensive it is to maintain rental properties.

    All the maintenance issues I've had - the builders/plumbers etc who have done the work, would not say to me "its ok, pay me in 3 months time, or when you have the money".

    I just feel the government are supporting tenants & not landlords, as a holiday period from mortgage payments (for landlords) is peanuts compared rental income & also the total amount it costs to keep a rental property in a great condition for tenants.

    I know we have got to look after each other, (landlords & tenants) especially with the coronavirus, & I wouldn't have a problem with tenants taking a rental holiday, as long as it is paid back.

    I feel some tenants will abuse this 3 month holiday rule & some will expect to have 3 months rent free !! Which is totally ridiculous as I certainly can't & many other landlords cannot afford to do this.

    I feel the government should loan the money to tenants & give them a reasonable payment plan, instead of forcing landlords to go bankrupt, through non payment of rent.

     
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    I’m not approaching my tenants they have to approach me for why they shouldn’t be paying rent. Robert Jenrick makes it clear. Those who are affected by the virus so to me that means if you have contracted CoronaVirus or have lost your employment. If that is the case I would want a copy of the medical cert and from your employer before we even discuss what we can do. To me that’s very reasonable

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    That is very reasonable, there will be many tenants trying it on here, wounder if the workshy benefits scroungers will expect to live rent free

     
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    andrew, they already do!

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    Andrew/Terry the irony is if they are on full benefit then this in theory should continue to be paid if they rang up you can laugh at em for being stupid

     
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    Hi, going of on a tangent can anyone tell me the correct version of 'How to Rent' guide (or what ever secret name it has now) to use I find it impossible to keep up with it and its so crucial considering it makes your Tenancy Agreement null&void if you don't serve the correct one, although I know that's what its meant to do. Introduced on & changed so many times since 10-6-14, 11-6-14, 25-9-14, 10-10.15,1-2-16, 17-1 18, 26-6-18, 9-7-18, 31-5-19, (29-7-19 Shelter Amendment) 7-8-19. Please tell me the correct one & if there is more, also if 'How to Rent a Safe Home' is obsolete, so crucial.

  • Daniela Provvedi

    Hi Michael, go to the gov.uk website and type in the following /government/publications/how-to-rent

    The latest version appears to be August 2019. All the best.

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    Why do you feel as though being a landlord is a real job? You all contribute nothing to society. Most of you just leach of your tenants' hardwork, or if your tenants are out of work, you leach of the government.

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    So all we do is sit at home on our lap tops watching the money flow into our bank accounts ? you really have no idea do you, may I ask what do you do for work, that is if you work at all?

     
    Daniela Provvedi

    And who the hell are you?? You come onto this forum with a pseudonym, criticising what us landlords do. Have you no guts to use your proper name?
    We've all got a right to an opinion, and to state what we feel.
    I also don't always agree with what Paul Barrett says, but I'll either tell him or ignore him. But coming on here with a name like "Your Time is coming Paul Barrett" is pathetic and gut-less. You've got no ba**s mate, get off.

     
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    I note you have even up voted yourself, that speaks volumes about you sir or madam

     
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    I see the snowflakes are triggered. Come on guys, pull yourselves up by your bootstraps and get real jobs

     
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    You mean apart from paying more tax into the system than Tesco?

     
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    I know we shouldn't feed the trolls but this kind of comment make me realize how entitled some tenant think they are.

    We don't owe you a home, that's your local council job, not enough council home take it up with them.

    Annoyed your paying someone else mortgage, well save up the thousands they did to get a deposit, take the risk they have.

    Want more affordable houses, call your government.


    And most importantly, if you want real change, go and going groups to represent your views, don't go on to another groups website and call them names, its like being back a infants school.

     
    Paul Barrett

    Dickhead my time ISN'T coming at all.
    I intend to be an ex-AST LL.
    I will be hopefully a lodger LL with lodgers who will have few rights in what will be my official PPR.

    Any lodger that doesn't pay out they go.
    No S24 taxes. No taxes of any sort as I officially will receive no more than £7500 in lodger income every tax year.
    My conversion to hopefully a lodger LL will see about 16 occupants made homeless.
    I will make more net income from lodgers than I do from 4 properties let on AST.
    So my time will be decided by me and I have decided not to be an AST LL!!

     
    Paul Barrett

    Do you seriously believe that the only way to earn money is to have a job!?
    How are jobs provided!?
    A job is just one of the many methods to earn money.
    There is no inherent righteousness in having a job.
    Many LL through HARD WORK in a job were able to save for a deposit on a BTL property and became a LL!!

    Jobs tend to be created by those who take a risk with their capital which then generates jobs for those that can't be bothered to come up with a business.
    I respect anyone who doesn't have a job but has created lots of them.
    I have created lots of work for my gas engineer.
    I have kept him in his self employment along with many other LL.
    Without my ilk what might he do for a job as most of his work is for LL!?
    You are the proverbial Yosser Give us a job as opposed to going and creating your own job or earning capabilities.

     
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    Yeah! That is all we do. Quite right!

    Never mind the back breaking work I have done for 45 years.
    I invested every penny I could.
    I never took one penny from the State.
    I always paid every penny of tax and on time, if not before.
    Never spent £6 on cup of coffee, or £75 pounds a night in Weatherspoon.
    Never tried to not pay a Landlord what was LEGALLY agreed.
    Only took 1 holiday a year, and then only if I could afford it cash.
    I did not breed copious amounts of children.
    I bought cars I could afford, and I insured them, and MOT'd them and maintained them to high standards. For the safety and concern of others.
    I have never blown all my salary on a Friday Night out down the Pub or the Bingo.

    And now, I have a fine 6 house portfolio, I help my tenants with anything except rental defaults.

    And I cash in about £10,000 a month. I own 100% of the properties, and I take a state pension, and a private pension. Which I also sweated , planned and sacrificed for.

    How have I done this?

    Simple - Very hard work, commitment, frugality, spent ONLY what I could afford, made long term plans, followed all the rules, offer a great tenant package, and take care of them in many other ways.

    If they pay the rent, I do the land lording.

    And why the hell do people like you think you can scrounge from landlords instead of getting off your arses and actually doing something yourself and not rip off whatever you can from the Government and honest people such as myself.

    If you were a tenant of mine, I would gladly let you have 3 months free, and then ensure that come the deep, dark winter of late 2020, at about the 20th December you would be evicted from my property with no help, except with the directions to the Housing Associations. I hear Shelter will not help you.

    I will also ensure those nice chaps from the High Court will be there to ensure you leave, and to take any property to cover what you owe me.

    Why would I pay them to do that? Because I bl**dy well can.

    Oh! Of course I would wish you a very Happy Christmas too, as I welcome the next suitable and caring tenant.

    Enjoy Xmas, and the New Year, and well done for your kids at that time too.
    You are an ignoramus, a fool and a downright idiot with your views.

    You need to be careful what you say about the people who allow you a roof over your head.

    Good luck and enjoy the cold, but welcome to the real world.

     
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    Thanks Daniela. I have had printed & thrown away so many booklets its unbelievable, it was brought-in by Shelter who are not elected representative but make most of the laws for LL's, so no need for Elections,
    thanks once again.

    Amanda Burrow

    I believe you can email the how to rent guide to the teanat prior and attach a copy of email showing the attachment and save to their file, to save paper !

     
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    I don't care...All these people in all my properties over the years have given me a wonderful regular income and a super duper pension fund.

    Long may your snowflake attitude last.

    Guys, do me a favour please keep having those expensive vacations to The Caribbean and spending £20 a day in Starbucks and stop bothering trying to save as I did. have a good time.

    I welcome you all, to continue to make me very wealthy.

    Please don't stop. And do let me know how your children survive. Well done.

    Just one more little Latte please Mr. Barister PLEEZ.... :-)

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    Well said David

    From a £6000 deposit on a £60000 flat about 23 years ago, rented out at £600 per month then and around £1300now, by remortgaging and ploughing the latte drinkers' rents into further properties, I've built up a £4 million portfolio with around £3 million equity and gross monthly rents of over £20,000. A big thank you to all those spending on pcp cars, fancy holidays and lots of lattes. I now also take fancy holidays and buy nice cars - but all paid as I get them.

     
  • Paul Barrett

    @robert brown

    Ahh! But you're the archetypal greedy LL.
    You shouldn't have sacrificed and worked hard to achieve what you have.
    You took those properties from the feckless wasters who instead of renting from you could have done as you and bought one themselves.
    It is greedy LL like you that Govt is trying to eradicate.
    You have been far too successful for your own good.
    The PTB want to bring you down a peg or two.
    We can't have oiks like you get above their station!!

    If you are allowed to continue to be as successful as you have been through your efforts others might get the idea that being a wage slave is perhaps not the be all and end all.
    Govt needs wage slaves to control.
    It can't have successful loose cannons like you upsetting the status quo.
    So they have no hesitation in forcing you to offer your services for free from what they consider is from ill-gotten gains from being a greedy LL.
    Plays well to a certain electorate anyway.!
    How dare you be a successful LL through hard work over many years.
    The very idea!!??


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    Well said Paul, sums things up perfectly, just as well we all have a sense of humor

     
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    And I love being a greedy Landlord.
    It is what good old Capitalism is made for.

    So stuff all those ne'er do lazy, feckless good for nothing scroungers.

    May they suffer the very worst of the current crisis.

    Have fun, you fools.
    :-)

     
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    Wondering if you can help. I make very little income on my 1 BTL property. Approx £30 when mortgage, maintenance, insurance and tax has been paid. My Tenant is refusing to pay his rent for the next 3 months because "[I] can take a payment holiday" on my mortgage. His income, while reduced as a result of Covid-19, is still sufficient to pay his Rent and his wife and main earner is a key worker and therefore her income is stable. They both run brand new cars (on a finance agreement) and yet he is refusing to pay his Rent? What can I do? I cannot take a payment holiday as I am just in the process of re-financing the house to another lender (in an attempt to make my payment a little cheaper - the mortgage is due to revert to SVR next month) and a payment holiday will put this in jeopardy... HELP!

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    Hayley, I think in your position I would stop paying the mortgage, let the lender reprocess the property and forget about being a landlord, I'm sorry lady but it sounds to me you are just not cut out to be a landlord, your tenants will be out immediately as when a property is repossessed by a lender the residents are out without the need of any court order.

     
    Amanda Burrow

    I’m sorry to read your post ,
    Why not write to them , maybe reword my attachment to suit yourself

    ! Honestly begs belief what we are going through ,

    Dear xxxx
    After you informing myself you do not intend to rent your rent for my property I’d like to inform you that Your rent will not be written off, It will still be owed and accrue on your account showing as arrears so anything you can do to minimise the debt will help you in the long term. The government have advised that they will suspend eviction proceedings in the courts for three months to allow tenants time to agree on a payment plan with their landlord to bring the rent back up to date. Therefore we are also asking that you put forward a plan for us to take forward It has not been made clear by government what happens if tenants are in arrears after those 3 months and landlords are in financial difficulties with no income, so we can only hope that the situation is resolved by this point or the government rolls our further financial support.

    I strongly recommend that, if you are affected, you contact the benefits office to discuss the possibility of a claim for universal credit or one-time hardship payment. If you have life/illness insurance cover you should contact your insurer and those tenants who are self-employed should contact their insurer accordingly top see if there are necessary provisions for interruption of work within their policy.

    Please do remember that this also poses a lot of other potential issues from a management point of view such as not having any funds to pay contractors for maintenance and of course our own wages, as individuals, we are also in a position where we will lose our income and not be able to pay our own rent, so it is important that we work together as closely as possible and communicate well to minimise the impact this pandemic may have.

    We will update you as soon as there is further news. In the meantime, we hope you and your family stay well and we can all find a way through this together.

    You will have to doctor my letter to suit ! Personally o would consider if the property is worth keeping as your sailing so close to the wind , has it gone up in value much if so sale and invest either in your own home to enjoy or in a more higher yielding area !
    Hope this helps alittle
    Amanda

     
    Matthew Payne

    Hi Hayley, sounds like you have a chancer here. Tenants are not entitled to rent holidays whether you have a mortgage holiday available or not, and most lenders FYI havent yet offered one. Current guidance from government is published so might be worthwhile sending him that. Google Covid 19 guidance for LLs & TTs gov.uk.

    Your options are 1) surrender the property to your lender, but for me that is a last resort. 2) continue to negotiate with your TT with reason and evidence to get them to pay the rent 3) serve section 21 and write off the next 3 months rent. We dont know the tenants so only you can judge whether 2 might work or 3 will be necessary.

    Whatever happens and whatever you decide, make sure all correspondance is by email or whatsapp so you have a record of what has been said.

     
  • Amanda Burrow

    I buy for investors low value areas and manage, achieving High yields I’m certainly not looking for business but I will try and help you ! Please message me if you need a chat about the current property you have it’s certainly a worrying time property.ab@googlemail.com

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    Forgot to mention that with my 6 properties, just imagine how much cash I will take when I sell that little lot in one go in a few years time.

    And even in the meantime their value is going up way, way, way more than any bank interest!!!!

    Win, win boys.

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