Buy-to-let landlords face difficulties, says moneysupermarket.com

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Buy-to-let landlords face difficulties, says moneysupermarket.com

Landlords of buy-to-let properties may have a "time bomb" on their hands, according to moneysupermarket.com.

Research by the comparison site has shown that nearly ten per cent of those looking for a mortgage are interested in a buy-to-let product, but that the number available has fallen by two-thirds over the past year.

Hannah-Mercedes Skenfield, mortgage channel manager at the organisation, claimed that many banks have abandoned or restricted how involved they are in this type of market.

She said: "With significantly less products left on the market and high interest rates attached to those available, we could potentially have a ticking buy-to-let time bomb on our hands."

As well as the high interest rates, Ms Skenfield added that people need to watch out for extra fees as these can sometimes be extortionate.

Recent research by the company indicated that arrangement fees for all mortgages had dropped by a quarter over the last year.

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