Eviction threat to tenants as buy-to-letters face repossession

02/03/2009

The general downturn in buy-to-let could lead to 10,000 UK tenants being evicted over the months to come, despite the fact that they keep up with their rent.

Falling property prices and the effect of the credit crunch on personal finances look set to see more and more landlords face repossession and cause the evictions, the Guardian reports.

Recent figures from mortgage lenders show a rise in people losing their homes, from a total of 27,000 in 2007 to 40,000 in 2008.

The Council of Mortgage Lenders expects this figure to hit 75,000 in 2009, due to the continuing effects of the downturn.

In all, 12 per cent are expected to be buy-to-let landlords - who are not obliged by the law to involve their tenants in their repossession cases.

This could mean that the renters are caught unawares by their eviction.

Speaking to the newspaper, tenant Nicola Sinclair told of her own situation - which could see the bailiffs being called in later this month after her landlord defaulted on their repayments.

"It's hugely frustrating. We've tried to get more information with a possible view to buying the flat from the lender, but we have been stonewalled at every turn," she said.

"We are the forgotten victims in the whole process and we've done nothing wrong."

Tags; Housing Debt and Bills, Recent Graduate Debt,

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