Rent payments

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Since there were talks about banks giving mortgage breaks how about the unfotunate ones who rents?? We have a small child in private nursery (that might close) we may end up off work with no pay having to pay nursery and rent??? anyone knows anything about rent break due to corona?

I imagine it will be down to your landlord. I know mine wouldn’t be up for it, even if he takes a mortgage break for the property himself. In the exact same situation as you though and the thought of the financial impact is making me more anxious than the health side.

I rent too. I'm going to be ringing my agency on Monday to see what my landlord says. I know the mortgage on my flat is fully paid off, so I'm hoping that in the event of school closure they might let me off for a month or 2 and I'll pay it back in instalments.

I can’t afford to not get rent for my old house. It pays the mortgage.

Why do LL have to not get paid? We are not all evil money grabbing but that is our chosen income source so why should we not get paid? Why not the government extend mortgage relief to increasing rent help? Plus I doubt if read small print LL will get mortgage relief and it will only be available on main home mortgages.

that is our chosen income source so why should we not get paid?
So you’re just like everyone else whose chosen income source - their job - isn’t paying them in these extreme circumstances.

Yes except we would still be providing our service.

So would landlords rather lose tenants for good if they cant afford to pay and evict them?

And when your tenants have become homeless because their jobs are no longer paying them, because the economy has crashed, there will be fewer tenants who can afford the rent, and your property won’t be rentable and will plummet in value. It is in your interest to support tenants at this time.

I am a LL who will not get paid by my regular employer if I am not able to work due to coronavirus. Unless I am ill myself, I plan to try to work for a care agency or supermarket, or anyone who will have me until I can go back to work proper.

I would be prepared to be flexible with my (lovely) tenant, but could only afford this for 2 months at most, as I rely on that income to pay the mortgage on that property.

It will depend on your landlord's circumstances. I am a landlord, and fortunately I do not have much of a mortgage to cover, and I have other sources of income. I will happily let my tenants off in the current circumstances. But not all landlords will be in this fortunate position.

The mortgage companies will get the money eventually - the loan is still there with interest still being charged.
You get money for work and I get money from my investments - my property. It's what I live on. Fortunately my tenants are unlikely to be unable to pay due to the jobs they have, but in many cases the 'landlord' is someone relying on that for income too, not a faceless corporation.

Perhaps the LLs should get a job, then.

But if we dont get mortgage relief or get rent guess what mortgage company repossess house tenant is made homeless. As a LL my tenants know I will listen to them and try to help if I can but Im not a charity I have a family too to think about. Instead of putting the blame for another thing at LL doors pester Mps etc for better/more social housing or housing benefit

Honestly I think the only option is for the government to provide no/low interest loans for people to use to cover basic living costs like food and rent. I honestly don’t see another possibility.

And they need to organise it now so people have peace of mind.

I think the alternative which is people (who are generally ok at supporting themselves through work) being evicted and becoming homeless is a disaster. People who are homeless would then have terrible barriers to overcome with regards to getting back into their work when this is all over, not to mention the collateral damage of broken relationships and families and the stress on children etc due to homelessness.

I honestly think ensuring people can cover rent should be the second most important task after organising the NHS to deal with patients.

daisypond perhaps some LL can't work for whatever reason. Would you 'work' for nothing? It's the same thing imho

This problem is completely avoidable by not owning more homes than you’re able to afford in the first place

Perhaps if the poor landlords didn’t own the houses, the people who actually live in them might be able to afford to buy and, pay half what they do in rent for your “investment” on their own mortgage payments

If you have no income (or a low income) you can claim housing benefit to pay your rent.

(It's certainly not the responsibility of private landlords to act as part of the welfare state, although market forces will cause rents to plummet I suspect, so they will have to drop their prices for that reason.)

Would you 'work' for nothing? It's the same thing imho Loads of people work for nothing. I have a lodger who is charged less than a third of the going rate. And I also need the money.

@GoatyGoatyMingeMinge you can't claim housing benefit now, it's Universal Credit. You know, that thing that takes 5 weeks to receive the first payment?

Jas1985 I have a second property because I needed to move and I couldn't sell it at the time. If I sold it now, my tenant would have to leave her home because she cannot get a mortgage. She will have first refusal if I do ever sell it; I hope the timing works out for both of us. I will have to sell it at some point.

We're not all evil you know.

Google the name of your water board followed by Trust Fund. Many of them will help you with debts, including rent arrears, if you apply.

If your income drops to the extent it causes you hardship, put in a claim for universal credit and negotiate with your landlord. As for landlords who can't afford missed months, probably shouldn't be a landlord but too late for that now.

I am a landlord and would do my best to work with my tenants if they couldn't pay the rent but I also have to bear in mind I may not be paid if I need to stay home from my job plus I have nursery fees which will still need to be paid.

And all this indicates how we are all economically connected at this time. If a link breaks, the whole chain falls apart, and that includes the LLs. Properties will be repossessed, and rents and prices will fall,