Published: 13:41, 02 August 2018
| Updated: 09:31, 04 August 2018
A controversial property tycoon ramped up rent payments on hundreds of homes within an hour of the Bank of England’s 0.25% interest rate rise.
Fergus Wilson, who owns hundreds of houses and flats in Ashford and Maidstone, said today he was slapping a £50 increase on bills for tenants across all his properties “immediately.”
The rise is equivalent to a hike of 5% for tenants who were paying rent of £1,000 a month or 6.7% if it had stood at £750.
The 69-year-old, one of the UK’s biggest buy-to-let landlords, said in a statement: “Following the interest rate rise I have increased rents in all our properties by £50 per month.
“It is merely passing onto the tenant the additional mortgage charge.
“This increase starts immediately.”
When asked how many homes would be affected he said: “About 400.”
The Bank of England revealed at midday it had voted to boost interest rates to their highest level for more than nine years, from 0.5% to 0.75%.
Within an hour - at 12.50pm - Mr Wilson released a statement to media organisations detailing plans for his rent hike.
In a press conference today, the rate-setting Monetary Policy Committee said it voted unanimously to increase the rate by 0.25%.
The increase is beneficial for savers but could spell trouble for borrowers who face rising payments on their bills.
It comes after Mr Wilson, who runs a portfolio of Kent homes with wife Judith, came under scrutiny for declaring he was evicting mothers last month.