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11/12/2008
Buy-to-let landlords 'not covered by holiday plan' |
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The National Landlords Association (NLA) has urged the government to extend its recently announced measures to help struggling homeowners to cover those on buy-to-let mortgages.
Earlier this month, the government announced a new scheme aimed to help anyone who suffers a temporary loss of income to be able to maintain ownership of their home.
Pursuant to the Homeowner Mortgage Support Scheme, households that experience a significant and temporary loss of income due to the economic slump can defer a percentage of the interest payments on their mortgage for up to 24 months - with the state guaranteeing the deferred payments.
If the end result is to help prevent anyone losing their homes then it "makes no sense" for buy-to-let mortgages to not be covered by these new measures, the association argues.
"For the more highly-geared and smaller landlord, whose monthly mortgage payments rely heavily on monthly rental income, tenants not paying can quickly spell disaster," the NLA said.
The NLA added that by extending the same "breathing space" it would give landlords the opportunity to support struggling tenants.
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