The overall availability of tenent loans has shrunk dramatically and tenents appear to be affected in many areas of this market. One of the main issues affecting those that need a tenent loan is that their landlords may not be able to stay current on mortgage payments and many are finding themselves out on the street as a result. Most banks have no stopped offering tenent loans until the market can be fixed.Bryn Cole, managing director of PA, says: “It’s always been hard for tenants to raise deposits and the current economic climate makes it even tougher.”But Steven Hilton, media relations manager at the National Landlords Association, says: “Government deposit schemes provide safeguards for tenants so landlords cannot unfairly withhold deposits.”Steve Hilton, at the National Landlords Association (NLA) said: “As many as 2,000 individual landlords, investors and property companies could be actively buying properties. It works for some people – but when it goes wrong, it goes wrong in a serious fashion. Let’s be clear: no company can afford to pay 100% of the open market value of your home and let you stay for ever, particularly when prices are falling. In bad cases, it is alleged homes change hands for 50% of open market value – and tenants are told to quit after six months.”
Related reading: Tenent Loan
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