Guide launched for double mortgage holders

Date:Wednesday 8th April 2009
Author: Max Freedman

A new resource has been produced to provide information to so-called "reluctant" double mortgage holders.

The guide, which was developed by Edinburgh property agency DJ Alexander, is aimed at people who have become landlords by default as a result of the credit crunch.

According to boss of the firm David Alexander, there has been a rise in the number of people who have bought a new home but have been unable to sell their old one, the Edinburgh Evening News reports.

These people, he said, often have to rent out their first property in order to help cover the cost of their mortgages.

He added: "These clients are not able to take as detached a view of letting as a commercial landlord would.

"In fact, it would be fair to say that most of them would prefer not to be landlords in the first place, hence the reason for the guide."

Recently, Steve Olejnik, head of sales at Mortgages for Business, said that landlords could benefit from purchasing fixed-rate mortgages at the moment.

The expert suggested that the UK's base rate of interest is currently as low as it will get, meaning deals are likely to be competitive.