The need for professionalism when becoming a landlord has been underlined by a survey which reveals that more than a quarter of landlords with one property lose money or just break even.
The survey was undertaken by the National Landlords Association (NLA) which also found that nearly a fifth of landlords who have between two and four properties also struggle to make money.
The NLA says the figures demonstrate the need for landlords to be professional and to utilise the support and help that is available.
Professional help for landlords
Carolyn Uphill, the NLA's chairman, said: “A significant number of landlords are struggling to make ends meet and for many being a landlord isn't all about watching the money from rent roll in.”
The survey of landlords also reveals that half of all UK landlords have between one and four properties; 14% have just one property and 36% let between two and four properties.
The NLA now says that the landlords who are struggling could turn their business around by properly planning for the future and exploring the range of support from organisations like theirs.
Rental manager will help struggling landlords
One particular service being promoted by the Association is called ‘Rental Manager’ which is a rent management solution.
It has been designed by landlords with the aim of making rent management easier and save the landlord time and money, regardless of their portfolio size.
The service is free to NLA members and covers all types of property including accommodation for students, HMOs and local housing allowance tenancies.
BTL mortgage lending affected by EU law change
Meanwhile, new lending criteria could be implemented in the UK to meet the regulations laid down in an EU Directive that will affect the BTL market.
A two-month consultation period has now been started by the British government to discuss the new regulations and how they will impact the mortgage market.
The new rules are not expected to take effect until 2016 but there will be new laws governing part of the buy to let market.
BTL mortgages for consumers come under scrutiny
The Council of Mortgage Lenders said the consultation was welcome but urged that disruption for lenders and buyers be kept to a minimum after new mortgage criteria was introduced earlier this year.
The main thrust of the EU change is aimed at regulating lending to consumers purchasing a buy to let property with the aim of placing a relative into the property as a tenant.
The new rules should not affect BTL mortgage lending for business purposes.
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