Insurance News Archive
NLA to outline landlord finance problems to govt committee
Written by Jonathan Walker
A leading representative organisation for private landlords is to appear before the government's Treasury Select Committee to outline the difficulties facing buy-to-let investors trying to access financing.
The National Landlords Association (NLA) will give evidence to the panel, which is conducting an inquiry into mortgage arrears and funding, highlighting the problems proprietors have had in buying and selling homes, as well as refinancing existing portfolios.
"We are in no doubt that the lack of availability of mortgage finance is having severe consequences for landlords across the UK," said David Salusbury, chairman of the NLA, ahead of the meeting tomorrow (June 30th).
He added that the shortage of buy-to-let products is "strangling the market".
The NLA will also highlight the stricter lending criteria and will stress that available mortgage financing requires far higher deposits, with an average loan-to-value of 70 to 75 per cent.
Meanwhile, Richard Bowser, editor of Property Investor News, has said that cash-rich private landlords have been able to "cherry pick" deals.
29 Jun 2009
