Standard Variable Rate differential to fixed is widening

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Moneyfacts UK Mortgage Trends Treasury Report reveals that the average two-year fixed rate in July 2017 was 2.26% and the current average standard variable rate (SVR), is currently 4.90%. These figures mean that this month, the average difference between the rates that existing borrowers have been paying on their maturing two-year fixed deals and the SVR that they will most likely revert to stands at 2.64%.

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Court of Appeal allow Landlords say on Right to Rent

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Landlords will have a major role to play in a court case considering the future of the government’s Right to Rent scheme.

The government has decided to appeal against a damning criticism by the High Court earlier this year that the Right to Rent breaches human rights law because it causes racial discrimination that otherwise would not happen.

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Can I claim for hail damage 12 months ago?

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May Bank Holiday 2018 there was a large hailstorm in our area which caused damage to a number of conservatory roofs including my sister-in-law and mother-in-law’s. They successfully claimed and have new roofs.

At the time I contacted my letting agent to ask them to contact the tenant in the property to have a look at the conservatory roof and report any holes.

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Across the board fall in cost of fixed-rate buy-to-let mortgages

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Buy-to-Let Mortgages:

There has been an unprecedented across the board fall in the
cost of buy-to-let mores according to the latest research from online mortgage broker,
Property Master.

Research out today (Monday, July 8th) from online mortgage
broker, Property Master, has shown an across the board fall in fixed rate
buy-to-let mortgage rates.  The fall
follows previous signs that the mortgage market was beginning to expect an
interest rate rise. 

Today’s news, which Property Master’s Chief Executive
described as “unprecedented�, follows on from recent remarks by the Governor of
the Bank of England that the UK leaving the European Union without reaching
some sort of trade agreement may well require some sort of economic stimulus
such as a cut in rates to weather the shock of no deal.

Angus Stewart, Property Master’s Chief Executive, said: “We
have been tracking buy-to-let mortgage interest rates in this way for 18 months
and we have never seen before a fall across the board in this way.  It is quite unprecedented.  Last month we were seeing a drift upwards in
the cost of buy-to-let fixed rate mortgages but it may be that the market is
now expecting rates generally to fall rather than rise.�

Mr Stewart continued: “It is likely that lower rates are
also being fuelled by the continuing increase in the number of buy-to-let
mortgage products.  Whilst it is true
some lenders have exited the market others are boosting their range and
competing hard for new business. 

As landlords continue to be pressed on all sides by rising
regulatory cost such as the new Tenant Fees Act and falling tax reliefs today’s
news of a lowering of mortgage costs will be very much welcomed.�

Property Master’s July 2019 Mortgage Tracker shows the
biggest fall in monthly cost was for five-year fixed rate buy-to-let mortgage
offers for 75% of the value of a property. 
The monthly cost of this type of mortgage fell by £36 per month June to
July.  

Five-year fixed rates for 65% of the value of a property
fell month on month by £6.  Five-year
fixed rates buy-to-let mortgage offers for 50% of the value of a property fell
by just £3 per month.

Two-year fixed rate buy-to-let mortgages for 50% and 65% of
the value of a property fell by £5 each. 
Two-year fixed rate buy-to-let mortgages for 50% of the value of a
property fell by £8 per month.

The Property Master Mortgage Tracker follows a range of
buy-to-let mortgages for an interest only loan of £150,000.  Deals from 18 of some of the biggest lenders
in the buy-to-let market including Barclays, BM Solutions, RBS, The Mortgage
Works, Godiva and Precise (full list below) were tracked.  Figures for this month’s Mortgage Tracker
were calculated on deals available on July 1, 2019.

Property Master was launched almost two years ago and aims
to shake up the buy-to-let mortgage market currently served by around 12,000
mortgage brokers.  It has already
attracted financial backing from a broad range of private investors including a
minority stake being taken by LSL Property Services, whose estate and letting
agency brands include Your Move and Reeds Rains.

Property Master has automated what was a manual, complex
process to provide landlords with a free easy to use mortgage search tool which
provides a mortgage quote that is pre-screened against each lender’s specific
and changing criteria.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Across the board fall in cost of fixed-rate buy-to-let mortgages | LandlordZONE.

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Places not just homes

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Building Better, Building Beautiful Commission publishes interim report: From the Ministry of Housing, Communities & Local Government and James Brokenshire MP.

Town halls should encourage the redevelopment of retail parks and large supermarkets into communities that include homes

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Competition among lenders lowers rates for landlords

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Buy-to-Let Mortgages:

Mortgage lenders have been reducing their lending rates,
providing some cheap mortgage deals to keep landlords in the market.

Over the last couple of years, landlords found themselves operation
in a tougher landscape, having to adjust to stricter lending criteria, the phasing
out of tax relief on mortgage interest payments over a four-year period to April
2020, and increasing letting regulations.

Last week the Halifax Building Society and Nationwide both cut
their buy-to-let rates, on some deals by 0.45%. Barclays joined in, reducing
some deals from 1.59% to 1.55% on a two-year fixed-rate mortgage with a 40%
deposit, and a reduction from 1.88% five-year fix to 1.83% and a minimum 25%
deposit.

Broker only platform, Mortgage Brain, informed the Sunday Times that the average 40% deposit
tracker mortgage is 3% cheaper than it was three months ago, and a 30% deposit
tracker deal is 2% cheaper than in March.

This equates to, for example, a landlord taking out a
£150,000 mortgage saving £234 per year with a 40% deposit, and £144 per year
with a 30% deposit.

Aaron Strutt of broker Trinity Financial told the Sunday Times:

“The buy-to-let market has taken a real hit – there simply
is not as much interest from landlords as lenders have been used to over the
years,�

“Lenders have been targeting the buy-to-let re-mortgage
market to drum up some business and, incredibly, they keep cutting rates to
tempt landlords in.�

There’s currently a record number (1,405 first-time
buy-to-let mortgages) of deals available to new landlords, indicating that the
new rules designed to tighten lending don’t appear to have shaken lenders’
confidence with new landlords.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Competition among lenders lowers rates for landlords | LandlordZONE.

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