More tenants lose homes in buy-to-let crisis

Tenants of landlords who bought properties during the buy-to-let boom are losing their homes in growing numbers, as exclusively revealed in the January/February issue of LPW. Now the scale of the crisis is becoming clear as landlords find increasingly difficult to find mortgage payments. Buy-to-let properties are three times more likely to run into trouble than normal residential homes. In the first three months of this year, buy-to-let landlords lost 4,100 properties – 1,700 were repossessed and 2,400 handed to receivers to run. The problem for tenants is that they are usually unaware of the landlord’s difficulties and it’s only when the bailiffs come to evict them that they discover the property is about to be repossessed.