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Posted on June 11, 2009 by Seamus Swords | Posted under Mortgages
Many Consider Becoming "Reluctant Landlord"
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London lodgers The research has shown that young homeowners, aged between 18 and 34 are the most cash strapped and are considering renting out there property or taking in a lodger. Alongside those who are considering auch actions, around 400,000 homeowners have already taken the plunge and taken in a lodger. Homeowners, who live in London are those who are thought to be the most likely to consider renting out or take in a lodger. This is largely put down to the higher house prices in and around the London area and thus the need for more finances to fund the home expenses. The research goes on to highlight how the majority of those considering the move to becoming a landlord have felt the brunt of the tricky property market. Around 280,000 homeowners have considered renting because they want to sell their home but can’t find a buyer and a further 200,000 need the rental income to enable them to buy elsewhere. In support of this, the National Landlords Association calculates that as many as 43 per cent of landlords have come into the residential letting market by chance. Have-a-go landlords Richard Winder, the spokesperson for the websites 'find a mortgage adviser' service, comments: "The boom years created a wave of have-a-go landlords attracted by the promise of rising property prices and cheap buy to let finance. Now we're seeing a new wave that may end up reluctant landlords because they need more money and don’t want to sell up in the current market. Before taking the plunge into what is a serious financial and social commitment, we would advise homeowners in this position to speak to a whole of market mortgage adviser to see whether they could cut their existing repayments, as well as talking through the opportunities and potential pitfalls of becoming a landlord." The property market has become stagnant over the last 6 months where many people are scared to take the plunge into the property market, the rental market has picked up with many new landlords having to rent out there property or bring in a lodger to help out with mortgage repayments in this time of recession. Whilst at the same time many homeowners are struggling to keep up with mortgage repayments MPs have been accused of claiming for mortgages that don’t exist or they have already paid off. Labour MP, Ben Chapman - over a 10 month period - managed to claim around £15,000 pounds for a mortgage after he repaid the loan in full, in 2002. After his actions were expioses, he refused to pay back the money claiming he has done nothing wrong, but now Labour have launched an investigation into the claims. Unfortunately for the majority, who can’t claim expenses for their mortgage, it seems that they are having to consider other avenues to help with mortgage repayments. About The Author: RESOURCES If you are in need of advice or financial assistance, find the right mortgage, loan or debt advice at OnlyFinance |
Tags: MORTGAGES, LANDORDS, LODGERS, HOMEOWNERS, LONDON, RENTING, BUT-TO-LET, MP, EXPENSE CLAIMS, DEBT, LOANS, MORTGAGE LOANS,
