Fellow landlords – Get ready for Section 21 Day!

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I cannot stay silent any longer because the continued attack on landlords will end in tears for us, tenants and the government.

I was taken aback when the Scottish government announced that it was introducing legislation for a rent freeze without any negotiation or discussion with the private rental sector in the country.

View Full Article: Fellow landlords – Get ready for Section 21 Day!

Meet Mark Smith (Barrister-At-Law) Landlord tax planning strategies – pin Birmingham Central

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Our Hon. Legal Counsel, Mark Smith, Head of Chambers at Cotswold Barristers, will be presenting in person an overview of several landlord tax strategies at the pin Birmingham Central meeting Thursday 6th October.

The Birmingham Central pin Meeting will be held at The Birmingham Conference &

View Full Article: Meet Mark Smith (Barrister-At-Law) Landlord tax planning strategies – pin Birmingham Central

CRISIS: Mortgage brokers call for calm as lenders withdraw 30% of BTL loans

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Landlords have been advised not to panic after lenders pulled hundreds of buy-to-let mortgage products this week in response to the Chancellor’s mini-budget.

Moneyfacts BTL product availability data shows 507 deals were withdrawn, reducing the number to 1,221 on Tuesday, a Moneyfacts record and the highest overnight product fall it has ever recorded.

HSBC UK, Virgin Money and Skipton Building Society all ditched buy-to-let mortgages for new customers, while The Mortgage Works withdrew its fixed rate BTL mortgages.

Daniel Lee (pictured), principal at Total Landlord Mortgages, says lenders are expected to re-price products this week and that we could see a 1 to 1.5% jump; the new rates are all above 5% on a fixed rate.

He tells LandlordZONE: “Landlords will be wondering whether to lock into a five-year rate or ride the wave, but while those low rates are gone for now, the key thing is not to panic – they could come back down again in six months to a year”.

Claire Flynn, mortgage expert at money.co.uk, says that the withdrawal of buy-to-let deals over the last week is arguably reminiscent of the credit crunch in 2008.

“The restriction of finance costs relief over the past few years means the increased interest rates will be felt directly by landlords up and down the country,” she tells LandlordZONE.

“Continuously rising rates could force them to either sell up or increase rents, in order to stand a chance of turning over a profit.” 

Jeni Browne (pictured), director of BTL broker Mortgages for Business, is more positive. She adds: “Projections for house prices and yields remain strong due to the ongoing demand for properties from both renters and buyers. The pound will stabilize, energy prices will drop, and landlords are unlikely to see the value of their property crash.”

View Full Article: CRISIS: Mortgage brokers call for calm as lenders withdraw 30% of BTL loans

Landlords call for a cost-of-living plan to help the PRS

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Chancellor Kwasi Kwarteng is being urged by one landlords’ organisation to adopt a cost-of-living plan for the private rented sector as tenants and landlords face ever-growing costs.

The National Residential Landlords’ Association (NRLA) has written to the Chancellor warning that while private rents are increasing by less than inflation

View Full Article: Landlords call for a cost-of-living plan to help the PRS

Welsh Government launches consultation on extending PRS notice period

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The Welsh Government has launched a consultation on plans to extend the notice period that landlords are required to give for converted contracts after the Renting Homes Wales Act comes into force on 1st December.

That’s when all tenancy agreements in Wales will be known as occupation contracts and tenants will be ‘contract-holders’.

View Full Article: Welsh Government launches consultation on extending PRS notice period