Buy-to-let mortgage borrowers have been urged to consider contacting their lenders if they feel they could face repossession action.

Private landlords could benefit from informing lenders that their tenants' rent payments are up to date, the Association of Residential Lettings Agents has suggested.

Ian Potter, operations manager at the UK regulatory body, said lenders will "very often"allow private landlords to stay in the property by taking into account rental income beyond the tenancy when this is sufficient - if they make contact early enough.

Although it is not always practical, "that's a practice that has to be encouraged", he argued.

The suggestions come as new legislation effective from April 6th will ensure tenants receive increased notice for court hearings related to repossession proceedings against their landlord.

Mr Potter commented that enabling a longer period between repossession and eviction would give tenants a much better opportunity to find alternative accommodation.ADNFCR-2002-ID-19043100-ADNFCR

Related posts:

  1. ‘Dress to impress’, tenants told
  2. More landlords ‘struggling to pay mortgage’
  3. Landlords told to ‘remain realistic’
  4. Landlords struggling amid credit crunch
  5. No shame in renting, young Britons told

Leave a Reply

You must be logged in to post a comment.