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Landlords could face 'struggling tenants'
2009-01-15
Buy to let mortgage holders could be faced with tenants who will struggle to meet their rent payments in 2009, an industry expert has said.
Graham Kinnear, managing director at property law firm Landlord Assist, said rising unemployment this year could lead to a growth in non-paying tenants.
His prediction follows research published by the National Landlords Association last month which showed that 71 per cent of landlords expect rental arrears to increase over the next 12 months.
More consumers are opting for rented accommodation because of the deteriorating housing market, but warned that this could have a knock-on effect on some buy to let mortgage borrowers, Mr Kinnear said
Landlords may have to take legal action to exercise their tenancy agreements, he explained.
Mr Kinnear added: "Landlords need to tighten their belts like everyone else and if a tenant cannot pay the rent then it could affect their mortgage payments."
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