Another week in lockdown – I hope you’re managing to stay safe and sane during this period!
If the news is anything to go by you need to make sure you’ve got the finances to get through the next few months.
The news that 40% of tenants reckon they will struggle to pay rent in the coming months couldn’t be more stark, so landlords be prepared.
Communicate with tenants, while it might be worth talking to your mortgage lender about getting a mortgage repayment holiday.
However as Steve Olejnik of broker Mortgages for Business rightly pointed out last week, landlords should only apply if they need one – this isn’t the time for blatant opportunism.
Your future payments will be higher to compensate for a payment holiday, while it could affect new applications, so have a long think before making a decision.
Chris Salmon, co-founder and director of Quittance Legal Services, made some positive predictions today, as he reckons the current situation will result in a rush of interest once the market restarts.
He reckons some homeowners will want to downsize, while others forced to change jobs will need to move – I’m sure this is music to some people’s ears.
Speaking of kick-starting the market, it will be interesting to see whether the government takes any notice of calls for a stamp duty holiday once the lockdown period ends.
Personally I wouldn’t count on it, but stranger things have happened.
Ryan Bembridge, Editor, PropertyWire
