The Times - Landlords feel the squeeze as interest rate rises hit finances
The Times reports the number of landlords behind on their mortgage payments has risen by almost a third over summer as spiralling interest rates cripple their finances.
UK Finance, the trade association, said 8,980 buy-to-let mortgages had arrears that totalled more than 2.5 per cent of the outstanding balance at the end of June, an increase of 28 per cent on the end of March. Almost half the struggling landlords were in arrears of more than 5 per cent.
Aaron Strutt, from the mortgage broker Trinity Financial, told The Times: “Landlords are taking a real hammering. The buy-to-let market, especially in London and the southeast, is really quiet.”
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