10:07 AM, 17th March 2020, About A year ago 15
The majority of my BTL portfolio is offered to students. Following the recent switch to online teaching and exams by some universities, I assume that most will soon be instructed to close until after the virus peak, estimated at three to four months.
I would be hopeful that things will be back to normal close to the beginning of the next academic year, starting in September/October.
Here in Scotland students may provide 30 days notice to end their tenancies. Therefore, if the country goes into lockdown similarly with Italy or Spain, I’m assuming the majority of students will hand in notice and move home.
What I’m wondering is where does this leave me with respect to various governmental measures that have been called for e.g. rental holidays or, particularly as in Italy, suspension of mortgage payments.
Does anyone know if the Italian situation includes a suspension of mortgage payments for BTL landlords?
Can anyone speculate as to the impact on landlords of rental suspensions i.e. will we be able to defer mortgage payments on the same terms?
And specifically to the student market situation, if all my student tenants vacate for up to six months while we ride this out, what do you think I, as their now empty handed ex-landlord, can expect in way of government help? I have all properties in my own name so not a business (please keep on topic).
My only thoughts are: war chest to ride out the storm and applying to each lender for a mortgage holiday as official help seems remote.
Appreciate this will also apply to many more BLT markets such as holiday lets; any helpful thoughts very welcome.
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