Over the recent weeks Litigation Partner, Will Oakes has noticed an increase in landlords selling their rental properties due to their fixed-rate mortgages expiring or coming to an end. As a result, many landlords have or are due to transition to a variable rate. After the fixed period, your mortgage usually converts to a variable interest rate. This means that your interest rate will now fluctuate based on market conditions and their monthly mortgage payments will consequently fluctuate. Due to the interest rate increasing to 4.5% landlords are likely to be paying more even if they can secure another [...]
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