Amar Riaz is preparing to put up rents for some of his tenants who are mid-contract for the first in almost 20 years.
Riaz, 52, who owns rentals in London, Cambridge, Birmingham and Manchester, has no other way to combat the steep rise in his mortgage costs.
He has just remortgaged a one-bedroom flat in Birmingham and repayments on the £102,000 loan are going from £288 to £506 a month on his new three-year rate at 5.85 per cent.
Monthly payments on a flat he owns in Chelsea are likely to increase from £458 to £1,275 at the end of the year.
“This is the first time I have had to inform active tenants that their rent is increasing. It’s a very difficult conversation. It’s