No second reading date yet for Renters’ Reform Bill 2019-20

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Considering how long it took for the Tenant Fees Act to come into force, it is probably best not to hold your breath for the Renters’ Reform Bill 2019-20 announced before Christmas in the Queen’s Speech. It has been confirmed that no date is yet available for the second reading.

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Buy-to-let mortgage rates set to fall…

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Buy-to-Let Mortgages:

Online mortgage
broker Property Master is predicting a fall in the cost of fixed rate
buy-to-let mortgages now that the Conservatives have been elected,
and a settled Brexit course is set.

The cost of fixed
rate buy-to-let mortgages is already down on the rates prevailing at
this time last year, in some cases by up to £38 per month for the
average mortgage.

Before the
Conservative victory the downward trend was beginning to stall, but
is now likely to resume again thinks Property Master.

Angus Stewart, chief
executive of Property Master, has said:

“Now that the
uncertainty created by last week’s General Election has ended and
as we appear to be moving more swiftly toward Brexit at the end of
January, we believe there is every chance rates will fall still
further.

“Firstly, the
Conservative victory, even before it happened, strengthened the pound
so removing one factor that could have encouraged the Bank of England
to increase rates.

“Secondly, two
members of the Bank’s Monetary Policy Committee voted for lower
rates last time around which makes us think downward is more likely
to be the next movement in the base rate. The stars are aligned for
lower mortgage rates for hard-pressed landlords in the New Year.”

The latest
comprehensive survey of the market for fixed rate buy-to-let
mortgages has shown the downward pressure on cost is continuing with
just a couple of exceptions. Landlords struggling to maintain profit
against a rising tide of new regulations and the end of many tax
benefits will find some very good deals are on offer. As ever the
question is for how much longer says Property Master?

Commenting on the findings of recent research and written before the election Angus Stewart said:

“There have been a
slew of rate cuts amongst lenders along with new offers being
launched that are looking very attractive to landlords wanting to
expand their portfolios or needing to remortgage. Good news on rates
may well entice some landlords back into the market by helping them
offset the many recent regulatory and tax costs they have been
struggling to absorb.”

“In terms of
predicting the outlook on interest rates it clearly has never been
more difficult. Brexit uncertainty is continuing, and it would appear
the financial markets are taking the latest comments from the Bank of
England to signal a cut in rates in the light of a disorderly exit
from the European Union. If Brexit goes smoothly and some kind of
deal is reached then we are more likely to see rates rise in line
with the plans to normalise interest rates that the Governor of the
Bank of England outlined some time ago.”

The Bank of England Monetary Policy Committee (MPC) last met on the 19^th of December and decided to maintain the base rate set on August 1st at 0.75%.

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