BlueZest – new 85%LTV Buy to Let lender

admin    Uncategorized     agents

As from today, we have direct access to Blue Zest, the new lender offering 85% Loan to Value Buy to Let mortgages. (85% for London and the South East, 80% for the rest of the UK)

Blue Zest comment: “Our advanced technology provides us with the capability to deliver a mortgage within 60 minutes.

The post BlueZest – new 85%LTV Buy to Let lender appeared first on Property118.

View Full Article: BlueZest – new 85%LTV Buy to Let lender

State Bank of India – 2.84% BTL 5 year fixed 75% LTV £995 fee

admin    Uncategorized     agents

The State Bank of India is carving a niche for itself in the Buy to Let mortgage market with competitive 75% Loan to Value rates and criteria.

The Bank will accept applications from first time landlords. They also allow Multiple Units

The post State Bank of India – 2.84% BTL 5 year fixed 75% LTV £995 fee appeared first on Property118.

View Full Article: State Bank of India – 2.84% BTL 5 year fixed 75% LTV £995 fee

RLA Secures £1.5m Energy Funding Pot for Members

admin    Uncategorized     agents

Energy Efficiency:

The Residential Landlords Association (RLA) has secured a £1.5m funding pot from energy company E.ON to install energy efficiency improvements in members’ properties – the only funding dedicated exclusively to work on Private Rented Sector (PRS) homes.

From April 2018, unless a valid exemption applies, landlords must have an Energy Performance Certificate (EPC) rating of E or above to let homes out to new tenants or renew leases under the new Minimum Energy Efficiency Standards (MEES).

However, many are struggling to fund works in the current climate, with 34% of landlords who rent out an F or G rated property saying they are unable to afford to make the improvements needed to bring it up to an E rating or better. 1

Now, through this relationship, qualifying landlords can apply to E.ON to carry out a range of energy efficiency improvements to their rental properties and to access finance for other energy efficiency works.

The funding is specifically targeted towards landlords with tenants on benefits whose properties are falling below the required EPC rating.  The works are available subject to a property survey and a benefit assessment. Qualifying benefits include:

• Pension Credit – Guarantee Credit
• Child Tax Credit or Working Tax Credit
• Employment and Support Allowance (Income based)
• Income Support
• Universal Credit

RLA landlords can apply for:

• Free cavity wall and loft insulation
• Funding towards the cost of E.ON installing external wall insulation for solid wall properties
• Funding towards the cost of E.ON installing a boiler upgrade or replacement, with a range of finance options available to enable members to spread the remaining cost of a new energy efficient gas boiler. ON is a credit broker not a lender.
• Free EPC and CP12 certification following installation of energy efficiency measures

Measures are subject to terms and conditions. For more information see eoninstall.com

According to the English Housing Survey3 there are 298,000 Private Rented Sector (PRS) properties in EPC bands F and G, with the RLA’s latest figures showing the average amount spent by a landlord to bring a property to a band E or above is £6,781.

Andrew Goodacre, RLA Chief Executive, said:

“The RLA is delighted to secure the £1.5m of funded works from E.ON for landlords  to install the vital energy efficiency improvements. These  funded works will benefit qualifying landlords by easing the upfront costs of improvement works and tenants through reduced energy bills.

“Hundreds of thousands of properties are not currently meeting the minimum standards set to be introduced next April and we would urge any landlords who believe they fit the criteria to get in touch to find out exactly what they are eligible for.”

Nigel Dewbery, Head of Energy Efficiency at E.ON, said:

“Whether landlords have in the past been put off by the perceived hassle, expense, or their own lack of knowledge around the subject of energy efficiency, the clock is definitely ticking on the need to improve properties and we’re really pleased to be working with the RLA to support members to prepare for the new legislation.

“In a recent survey we conducted with landlords4, we found over a quarter (28%) said they feel worried about the cost of making their property compliant. To answer this we’ve developed a range of services to give them the support they need, from online account management that allows landlords to better control their property portfolios through to a range of insulation and heating services to make rented properties more energy efficient.

“We hope working with the RLA will enable us to support landlords with a range of funding options to bring down the costs of achieving the standards whatever measures they require to upgrade their property.”

The £1.5m has been offered as part of the Energy Company Obligation (ECO) scheme that places legal obligations on large energy suppliers to fund energy efficiency measures in domestic premises.

The current obligation period runs until 30 September 2018 and members of the RLA are able to benefit from this offer up to this date.

Anyone who would like to check their eligibility and find out more about which options are available should contact the E.ON on 0330 400 1794 or visit the RLA website here.

Following initial contact with the RLA the application will go through a simple three step process.

1. E.ON will assess applications and arrange a free property survey.
2. During the survey, specialist energy experts will explain what improvements are possible and will calculate which measures will increase a property’s performance and comply with the upcoming regulations.
3. E.ON will then provide applicants with a quote detailing all the costs and funding available, along with finance options if required to spread the upfront costs.

Once the initial contact has been made improvements could be in place within three to four weeks.

For more information about landlords’ obligations under the new MEES rules coming in next year click here

1. From the report “The Safety and Energy Efficiency Conditions of the Private Rented Sector” here
2. The offer is subject to terms and conditions and will be discussed on application. Visit eoninstall for further information.
3. The English Housing Survey data can be accessed here
4. E.ON’s 28% statistic was based on research commissioned by E.ON involving 200 residential landlords carried out by OnePoll between 17/03/17 and 23/03/17.

The RLA represents over 50,000 private sector residential landlords in England and Wales.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – RLA Secures £1.5m Energy Funding Pot for Members | LandlordZONE.

View Full Article: RLA Secures £1.5m Energy Funding Pot for Members

Advice on delay to contracted tenancy start please

admin    Uncategorized     agents

Hi all, I’m a tenant looking for advice.

I have signed a fixed term AST and paid the associated deposit and first month’s rent. The contract began on the 18th of October.

The letting agent called on the morning of the 18th to delay my getting the keys until the afternoon.

The post Advice on delay to contracted tenancy start please appeared first on Property118.

View Full Article: Advice on delay to contracted tenancy start please

UK Build to Rent hits 100,000 mark

admin    Uncategorized     agents

Build to Rent in Scotland:

The latest published research by the British Property Federation (BPF) suggests that Build to Rent (BTR) is approaching the 100,000 unit milestone at 95,918 homes now completed, under construction or at the planning stage.

Many housing industry professionals now see BTR as a big part of the solution to the UK’s housing crisis and a move towards the type of property market which is popular in parts of Europe and the United States.

Thanks to recent Government efforts to tackle the housing shortage in this regard, BTR starts have seen around a 40 per cent increase over compared the first quarter of 2017, but according to Hazel Sharp Webb, head of BTR & PRS, Rettie & Co, writing for the Scotsman newspaper, little more than 1 per cent of this investment is being directed at Scotland.

However, she says, “…this may be partly due to some misconceptions about the sector in Scotland and not enough positive information about why Scotland is an attractive proposition for BTR. However, she says, “it should also be recognised that tenancy reform is creating a lot of political “noise”, particularly the apparent keenness of some councillors to use Rent Pressure Zones (RPZs) as a form of reinstatement of the old rent controls.”

Playing down the possibility of the introduction of rent controls in Scotland and their effects on investment decisions, Ms Sharp Webb says, “RPZs may or may not be used and, in any case, they limit rent increases on existing tenancies only.”

The new Private Residential Tenancy, which is due to come into force in Scotland on 1 December this year, will have no initial tenancy term, which is definitely a concern for investors, as well as for Buy to let (BTL) landlords in particular.

However, says Ms Sharp Webb, “…residents may have no real need or desire to move around if they are living in a professionally managed, high quality home. Under the new tenancy, there also continues to be a number of reasonable grounds for landlord possession of property, even though (rightly) tenants will now have greater security of tenure.”

Others in the industry see this as an “idealistic” view as to the way these tenancies will work out in practice, especially if tenants fail to pay rent and look after the property, and only time will tell if they prove successful for landlords and tenants.

Ms Sharp Webb argues that Scotland benefits from relatively low entry prices; strong yields; multiple dwellings relief on Land & Buildings Transaction Tax; and more certainty around the regulatory regime, relative to the rest of the UK.

“Our main cities also have significant shortfalls in housing supply at a time of rising demand from increasing populations. At the Movers & Shakers Scotland BTR Forum, held in Edinburgh last Thursday, the Scottish Government proposed a new Rental Income Guarantee Scheme (RIGS), which should send a positive message out to [BTR] investors that the Government is intent on encouraging and growing the BTR sector in Scotland, says Ms Sharp Webb.

“This is effectively a form of government-backed insurance for schemes in the fledging [BTR] sector, with decisions post application to the scheme taking no more than two months. A new planning advice note for BTR has also been published and “The Build to Rent Opportunity in Scotland”, commissioned by the government, was launched on Thursday, she says.

In the note the Minister for Local Government and Housing, Kevin Stewart, says:

“Build to Rent is an important part of the Scottish Government’s approach to growing and improving the private rented sector”.

Scotland needs to get on the map with BTR, says Ms Sharp Webb, “…especially in our main cities. While rent controls may offer the perception of easy solutions, the fundamental problem of lack of housing supply means that innovations like BTR must be grasped while they still can.”

Build to Rent in Scotland

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – UK Build to Rent hits 100,000 mark | LandlordZONE.

View Full Article: UK Build to Rent hits 100,000 mark