The Telegraph - Landlords race to reduce mortgage debt as Iran war pushes up rates

Landlords are racing to pay down their mortgage debt and switch to interest-only deals as conflict in the Middle East pushes up borrowing costs.

Aaron Strutt, of brokerage Trinity Financial, told The Telegraph: “We have spoken to lots of landlords who are simply not getting enough rent to cover the mortgage costs, let alone the other bills they have to pay.

“Rather than simply allowing a deal to expire and stay on their lender’s standard variable rate, many are refinancing, remortgaging or choosing product transfers to keep costs under control. Landlords with larger deposits or equity in their properties don’t need to pay 5pc in many cases.”

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The information contained within was correct at the time of publication but is subject to change.

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