I have been asked how the Mortgage Payment Holiday applies to Landlords with Buy To Let Mortgages?
From the government announcement, no new proceedings for eviction can be undertaken for three months.
If your tenant is already in arrears, you will need to work with them to arrange a plan for the missed payments. A tenant is expected to pay their rent. If they are unable to do so, arrears will accrue and are still due to the landlord.
You should, where possible start and try to maintain a dialogue with your tenant to fully understand their circumstances, see what they can afford to pay and whether they have looked into financial assistance.
Your lender will do everything they can to help and will discuss the 3-month payment holiday. You need to call them up and explain the situation, and they will be able to talk through your options.
They may want you to provide some verification; for example, a letter from your tenant’s employer confirming that their employment was terminated, plus a copy of your tenancy agreement. They may or may not ask but be prepared.
As always I am here to help. Message via the box or call me
I have attached uploaded a list of Lender help pages and phone Nos. onto the resources page.
This article was originally posted to LinkedIn on 31st March 2020