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The number of landlords in the UK making enquiries into bankruptcy is increasing, it has been suggested.
Speaking to the Telegraph, Geoff Carton-Kelly, head of restructuring and recovery at Baker Tilly, said that buy-to-let investors who took advantage of previous market conditions to secure good loan-to-value ratios on their properties are now suffering from a lack of finance in the mortgage market.
According to the expert, the firm has seen a rise in portfolio landlords being forced into bankruptcy.
He said: "In order to keep their portfolios working they need to keep remortgaging and trading up, but that game has come to an end because there is no longer the mortgage finance available."
An article featured in the Birmingham Mail last week suggested that, for some property owners, declaring bankruptcy can be the best option.
It took the example of a couple from Redditch who had run up debts through credit cards, rent arreas and water bills of more than £30,000.
