The need for more landlords and BTL lenders to offer longer tenancy contracts....

There are now over 8.5 million people who are living in rented homes across the UK, and with the average tenancy term only being 12 months, tenants are finding it hard to feel as though the property they live in feels like home.

After this period of tenancy, if the landlord wishes to carry on renting out their property, the tenant is asked whether they would like the security of extending the rental contract which normally costs in excess of £100, or face living in fear of either the rent increasing or having to leave with only two months notice.

In other countries in Europe such as France in Germany, most of the power swings over to the tenant, with normally a minimum of a three years rental contract, which gives the tenant reassurance that if they have children they can keep them in the same school, and so fourth. 

Enable Independent Advisor's in Bishop’s Stortford are very aware of the stress these short tenancies can cause for people not being able to get onto the housing ladder, so we were pleased to see that Nationwide Building Society are now trebling the maximum length of tenancy allowed to landlords, increasing the term to 36 months.

Most other buy-to-let lenders currently restrict landlords from offering any more than 12 months, so this is a great move for Nationwide, as the need for longer term contracts increase.

If you are looking to access a buy-to-let mortgage and would like to find out more about the best BTL offers in the market place, why not contact our team of Independent Financial Advisor’s in Bishop’s Stortford, as we have access to the whole market place, and are not stuck with a fixed amount of mortgage products we can offer you.

Issued by: Enable Independent Financial Life Planners
 25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
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NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE.