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In the last few weeks fresh concerns have come to light around the challenges faced by benefit recipients living in the private rented sector. Yesterday (24 April), the Work and Pensions Select Committee heard oral evidence from a range of stakeholders including landlords, agents, benefit recipients and mortgage lenders on the topic.
To understand our members? positions on the matter, we surveyed our buy-to-let (BTL) members regarding their lending policies in circumstances where the tenant in a BTL property receives benefits.
Nearly three dozen lenders responded to our survey. We found that firms with no restrictions against tenants receiving benefits make up a collective 89 per cent of the market for new BTL lending.
Firms representing the remaining 11 per cent of the market include:
Ultimately, the decision to include a ban on benefit tenants in a lender's terms and conditions is a commercial decision up to each individual firm.
It's key to note that most property in the private rented sector is unmortgaged. Mortgaged landlords today have access to an unprecedented variety of products which do not restrict letting to benefit recipients. For these reasons, we do not believe the mortgage market is preventing these tenants from accessing the private rented sector.
However, we believe Shelter got it right when they said that the struggle for renters on housing benefit is real, and we applaud the government's intentions to protect the most vulnerable tenants.
Carla Sateriale, Manager, Mortgages , UK Finance
Part of the UK Finance Festival, this seminar will discuss the steady growth in the NI Housing market, and the increase in general affordability over the decade. It will also touch upon the shortage of social housing, and uncertainty in the local, national and international political climate which suggests some unique challenges.
22.04.24
24.04.24
19.04.24
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