Over half of landlords in Scotland not interested in government’s interest free loan

General

Over half (52.9%) of landlords aren’t considering applying for the Scottish government’s interest free loan, a survey from Edinburgh estate agent Portolio found.

Despite this stat almost a third of landlords would struggle to pay their buy-to-let mortgage if their tenants could not pay rent.

Ross Macdonald, co-founder of Portolio, said: “We discovered that over half of tenants were already experiencing difficulties paying the full rental, and with two further rental payments due before lockdown restrictions are expected to be eased, this percentage is likely to rise.

“Many landlords advised that should rental payments continue to be disrupted then they are likely to experience difficulties paying their buy-to-let mortgages. A worrying situation for both tenants and landlords.”

Despite their troubles the majority (92%) of landlords said they were happy with how their letting agent has responded to the pandemic.

Portolio has had almost daily property meet-ups (called ‘Property Pow Wows’) over Zoom during the lockdown with professionals like solicitors and investors.

The landlord estate agent plans to have a live version that can be viewed on Facebook Live.

The agent said it will use more virtual viewing and video meeting software in future.

This post has originally been featured in Property Wire.