
Use our range of mortgage calculators to work out how much you could borrow.
Following record falls in property values, research from professional advice website Unbiased has revealed nearly five million homeowners have already considered becoming ‘reluctant landlords'.
A third of this group are considering renting their property because they cannot sell it without making a loss in current market conditions.
The research also reveals younger homeowners are hardest hit by this issue, with a quarter of cash strapped 18-34 year old homeowners considering renting out their home or taking in a lodger, while nearly 400,000 in the same age group already have a lodger.
Londoners are most inclined to look for additional rental income, with 190,000 taking in a tenant to make ends meet.
The research goes on to highlight how the majority of those considering the move to becoming a landlord have felt the brunt of the rocky 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% of landlords have come into the residential letting market by chance.
Richard Winder, spokesperson for Unbiased, said: “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 who 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 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.”
Rob Davies explains how best to use the Internet to get a good mortgage deal
The March/April 2010 issue of Your Mortgage is on sale now. In it we look at the pros and cons of Mortgage Payment Protection Insurance; we list the 10 golden rules that every first-time buyer should know; weigh up the relative merits of fixed rates and tracker mortgages and explain how equity release schemes can help older homeowners. Get your copy for the latest news, information and help.
The Your Mortgage Awards aim to reward those lenders that have excelled in providing innovative and competitive products. Widely regarded as the UK's definitive consumer mortgage awards, the Your Mortgage Awards have now been running for 20 years.





Login to add a comment
Need to register? Click Here