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Reluctant Landlords have been avoiding insurance obligations

Reluctant Landlords have been avoiding insurance obligations

When the banking crisis struck back in 2008, mortgage lending in the UK virtually ceased as lenders became wary of the toxicity of sub-prime mortgage loans and raised their lending criteria (and lowered their Loan To Value ratios) to unprecedented and highly restrictive levels, virtually killing the property market.

This meant that properties became financial millstones for many people who were unable to sell, resulting in an upsurge of reluctant or “accidental” landlords who were able to take advantage of a booming rental market caused by the fact that potential property buyers were forced to hand over substantial deposits in order to be allowed a mortgage or were unable to obtain mortgages due to the tightening of the lending criteria and were subsequently forced to rent!

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