According to the organisation, 31 per cent of landlords will look for this type of lending or try to re-mortgage in the next three months, but many may well find it a challenge and be unable to expand their portfolios as a result.
Chairman of the NLA Carolyn Uphill described these statistics as a “major concern” and observed that many people in the industry are left feeling frustrated. “There’s no one-size-fits-all mortgage, and as the leading landlord association in the UK, we understand that landlords need access to a range of products that meet their specific individual circumstances,” she remarked.
Ms Uphill continued, reminding landlords that NLA Mortgages provides a mortgage search facility that is free to use and sources over 600 products to help investors find the right kind of finance for their specific needs.
This comes after the organisation found that 27 per cent of landlords who only let out one property either run at a loss or break even, while 19 per cent of those who have between two and four properties to let are also in a similar position.
To help landlords make their business a success, the NLA has a number of services on offer, including Rent Manager which allows people to set up rent schedules, receive alerts relating to rent arrears and keep a record of all tenant communications.