Commenting on the call for action needed to tackle rental debts crisis which is backed by organisations including the National Residential Landlords Association (NRLA), Shelter, StepChange Debt Charity and Nationwide Building Society, Sarah Pennells, Head of Financial Capability at Royal London says:
“There’s a big gulf in the financial support available to homeowners compared to those who rent. People who are struggling to pay their mortgage can apply for a mortgage holiday1 until the end of March, but those who are struggling with their rent don’t have the same support. Instead, it’s down to their landlord to decide whether they will agree to a rent reduction, or to allow arrears to build up. Renters in arrears are at the mercy of their landlords.”
“The ban on evictions for tenants in England2 and Wales3 is due to expire on January 11th - and on the 22nd for Scotland. This is a worrying time for tenants whose income has been affected by the pandemic and who are struggling to keep up with their rent. It’s vital that they get the support they need to stay in their homes, to ensure they’re not pushed into a longer-term financial crisis.”
Notes to Editors
2. Source - https://www.gov.uk/government/publications/covid-19-and-renting-guidance-for-landlords-tenants-and-local-authorities/coronavirus-covid-19-guidance-for-landlords-and-tenants#rent-mortgage-payments-and-possession-proceedings
3. Source - https://sheltercymru.org.uk/get-advice/eviction/
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.