Help, advice and information on Covid-19 for UK landlords
- Published: Thursday 19 March, 2020
- Updated: Tuesday 05 May, 2020
- Category: News update
- By: Nicola Eaton
The Commercial Trust Covid-19 landlord hub shares information, resources and help for those managing rental property across the UK amidst the Coronavirus pandemic.
Click through on the links below for information specific to your enquiry today.
The current buy to let mortgage lender position
We are an independent, specialist broker of buy to let mortgages, commercial mortgages and bridging loans.
Our lenders are representative of the UK marketplace. In the buy to let arena we normally work with in excess of 80 UK lenders, both high street and specialist.
Can I still get a buy to let mortgage or remortgage?
Currently, some fringe buy to let lenders have temporarily stopped taking new applications for buy to let mortgages, others have changed their lending criteria.
Can I still borrow at up to 85% loan to value?
This is subject to change. But, for the moment, the lenders we work with who formerly offered 85% loan to value mortgages, have reduced their loan to value ratios.
What is the maximum loan to value I can achieve, right now?
80% loan to value, subject to other criteria.
We need to know various information about you and your property before we can establish which product best suits your needs and circumstances, but at present there are still lenders accepting a 20% deposit on a buy to let mortgage.
What mortgage help has been offered to UK landlords?
UK Finance announced that help with mortgages would be extended beyond residential mortgage customers, to UK landlords too.
Who do I speak to about mortgage payment holidays?
Contact your mortgage lender if you need to arrange a mortgage payment holiday or to discuss the options available to you.
Government guidance on the Coronavirus Act 2020
The Coronavirus Act encompasses information on possession proceedings, resources when tenants are unable to pay rent, making mortgage payments and health and safety obligations.
Tenants asking for rent reductions / adhering to your mortgage contract
Practical information on what to do, what your obligations are and how you can navigate Covid-19
Holiday let landlords
Holiday let landlords are being urged to stop taking bookings, with fines applicable for those breaking lockdown rules
Tenants who have to move during Coronavirus
Wherever possible, tenants should not move properties during lockdown. If a move is essential the following may help:
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.