Five million homeowners consider becoming reluctant landlords

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by Gill Montia

New research suggests that almost five million UK homeowners have already considered renting out their entire dwellings or a spare room.

According to Unbiased.co.uk, the professional advice website, one-third of those mulling over such options are keen to avoid making a loss by selling up in the current climate.

Younger homeowners are hardest hit by this kind of exposure with one-quarter of respondents aged between 18 and 34 considering renting out their homes or taking in a lodger.

Londoners are most inclined to look for additional income by entering the lettings market.

Unbiased spokesman, Richard Winder, comments: “The boom years created a wave of have-a-go landlords attracted by the promise of rising property prices and cheap buy-to-let finance. Now we’re seeing a new wave who may end up reluctant landlords because they need more money and don’t want to sell up in the current market.”

He advises that before taking the plunge, homeowners should speak to a whole of market mortgage adviser to see whether they can reduce their existing repayments.

If letting seems the best option, it is best to study the potential pitfalls of becoming a landlord.