Landlords Struggle with Soaring Mortgage Rates, Causing Exodus from Rental Market
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The number of landlords behind on mortgage payments rose 29% in Q3 as rising rates hit finances.
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Higher mortgage rates are having a drastic effect on landlords' finances, resulting in some leaving the rental market.
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Average 2-year buy-to-let mortgage rates have doubled to 6.22% since 2021, vastly increasing costs.
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Around a quarter of landlords plan to sell a property in the next year due to higher mortgage rates.
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High mortgage rates are the latest challenge after tax relief cuts and extra stamp duty made buy-to-let less profitable.