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Improve Landlords Mortgage Conditions, Demands Tenants!
Some banks prohibit tenants from having longer tenancies.
ACORN, a Tenants Union, has been protesting to improve the mortgage conditions that their landlords have to meet. The protest was held across many cities, and some high-street branches were closed for the day.
The union calls on banks to change the terms and conditions of buy-to-let mortgages, preventing landlords from offering their tenants more than a 12-month contract.
They claim longer tenancies would give renters greater protection, security and stability.
Banks typically prefer short tenancies because they want to be able to repossess a Buy-to-Let (BTL) property easily and inexpensively if necessary, in order to proceed with a quick resale.
ACORN specifically targeted TSB, which restricts the tenancy to 12 months, which is short compared to others. At hand, I have mortgage contracts for Vida, TMW, and Accord, which generally limit the tenancy length to 3 years.
Though ACORN and Landlords may not agree on many issues (taxation, rent caps, etc.), it is good to see something that both camps can support.
Some banks prohibit tenants from having longer tenancies.
Yes, But Landlords don't offer long tenancies
Landlords usually offer six-month leases so that they can easily and inexpensively evict problematic tenants using Section 21 when the lease term ends. This is preferable to using Section 8, which is more costly, time-consuming, and subject to the court's decision. With the Conservative Government removing Section 21, the advantage of keeping lease lengths at six months is eliminated.
