Nationwide has extended its repayment holidays to cover buy-to-let mortgages.
The Housing Secretary and Prime Minister have both outlined plans to protect landlords and tenants against the impact of the coronavirus pandemic.
Henry Jordan, Nationwide’s director of mortgages, said: “As the UK’s second largest buy-to-let mortgage provider we feel it is important to extend protection to landlords and their tenants during this uncertain period.
“We have extended mortgage payment holidays to include rental properties so that landlords with tenants who are unable to meet rental payments because of coronavirus are protected as much as possible.
“These payment breaks will be able to be arranged via The Mortgage Works – Nationwide’s buy-to-let arm.
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“We would encourage tenants to speak to their landlords if they are impacted or worried about coronavirus to ensure that steps can be taken to support them at this time.”
Housing Secretary Robert Jenrick MP said of the changes: “The government is clear – no renter who has lost income due to coronavirus will be forced out of their home, nor will any landlord face unmanageable debts.
“These are extraordinary times and renters and landlords alike are of course worried about paying their rent and mortgage.
“Which is why we are urgently introducing emergency legislation to protect tenants in social and private accommodation from an eviction process being started.
“These changes will protect all renters and private landlords ensuring everyone gets the support they need at this very difficult time.”
Ben Beadle, chief executive of the National Residential Landlords Association, added: Landlord groups welcomes government support.
“We recognise the exceptional circumstances and we will work collaboratively with government to ensure these measures protect both landlords and tenants.
By Ryan Fowler
Source: Mortgage Introducer