Universal Credit: landlords agree reform is needed

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Responding to the National Audit Office’s report today on the roll out of Universal Credit, David Smith, Policy Director for the Residential Landlords Association, commented: “Whilst it is clear that Universal Credit is here to stay, today’s report recognises the difficulties faced by tenants and landlords as a result of rent arrears. “The RLA’s most recent […]

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Meet the Developer event 7th July

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Experience for yourself and first-hand what Birmingham has to offer for the property investor by attending an exclusive ‘Meet the Developer’ event hosted by Property Investor Partnership on Saturday 7 July.

This event will commence at 11am and will include a tour of Digbeth and the Jewellery Quarter

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Universal Credit’s ‘Full Service’

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I’m writing to draw your attention to a piece recently produced by the RLA relating to Universal Credit, Full Service.

If you follow the link, click here,  you’ll find an excellent article, produced by Natalie Williamson

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Income backed-buy-to-let mortgage launched

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Buy-to-Let Mortgage:

Given the increased scrutiny landlords have to go through when applying for a new or renewal buy-to-let mortgage, Kent Reliance’s new income-backed product for limited companies and individual borrowers could prove a godsend.

The specialist mortgage provider has announced the new product, which it says will now take a broader view of customer affordability when the rental property yield on its own does not meet minimum requirements.

Using earned income to supplement the interest coverage ratio (ICR) for buy-to-let loans, this could be the first of many such offerings as competition for buy-to-let lending is still intense among mortgage lenders.

The product, says Kent, has been specifically tailored for non-portfolio landlords looking to borrow through a limited company arrangement or on an individual basis.

Adrian Moloney, sales director for One Savings Bank, which Kent Reliance is a part of, says:

“This new, broader approach to buy-to-let affordability will provide additional flexibility to allow earned income to form part of the affordability assessment for a buy-to-let application.

“High property values, particularly within London and the south east, can result in lower yields and as a result, some applicants may be refused lending, even on good quality properties. We are looking to fix that.

“To support this product, we have also updated our buy-to-let calculator so brokers can immediately see if a case fits the income backed criteria prior to submission, thereby simplifying the process and enabling a faster turnaround.�

Andrew Montlake, director of London-based broker Coreco, said it was great to see a specialist lender such as Kent Reliance continue to work hard with brokers to understand and meet consumer’s needs.

He says:

“There are a whole host of buy-to-let landlords who invest in property for long-term growth who have spare income to make up for lower rental yields, and more choice of lenders who top-slice is needed in the market.

“Lenders need to continue to innovate and evolve their offerings to meet ever-changing circumstances and Kent Reliance has a great track record of doing this.�

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