Alliance Solution for Housing benefit tenants

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Last Week, the newly formed Landlords Alliance came up with a unique and simple solution, to help housing benefit tenants in to new homes. We proposed that Shelter act as guarantor for housing benefit tenants. It should be remembered that this £60 Million charity offers advice

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New Refurb BTL to help maximise rental yields

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A new refurb buy-to-let proposition has been launched designed to help landlords maximise rental yields by refurbishing a target property before renting it out, as well as enabling them to take value from the property to reinvest elsewhere.

The proposition is suitable for a wide range of landlords

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Deposit/Bond – Paper Guarantees?

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I am hoping to create a Deposit Guarantee Scheme, “Choice Deposits”, whereby the prospective tenant would have the option of paying an extra amount of rent, instead of paying a deposit, and the landlord would pay that extra amount of rent charged to Choice Deposits in exchange for a paper bond (deposit guarantee).

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Shawbrook reveals UK’s top rental hotspots for landlords

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The North-West and Scotland are revealed as the top UK hotspots to invest for yield.

New analysis of the BTL market forecasts an opportunity for landlords, revealing exactly where the best investment opportunities are in 2018.

In spite of a barrage of tax changes making it harder to make money on buy-to-let

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Abandonment provisions – update

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An update for readers on the omission by the government to bring the Abandonment provisions under section 57 – 63 of Housing & Planning Act, 2016 – into force on 6/4/18 as originally planned.

The Govt are ‘

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Fixed Rate Mortgages Trending Up

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Mortgage Finance:

Whilst a relatively modest increase, it is the first month-on-month increase across all types of fixed-rate loans tracked and recorded by Property Master this year.

Fixed-rate buy-to-let (BTL) mortgages look to be on an upward trend across the board, according to research out last week from online mortgage broker, Property Master.

The online broker’s Mortgage Tracker report* has been compiled every month since January of this year, but this is the first time a month-on-month increase has been registered across all classes of two and five-year fixed terms.

According Property Master’s research, the monthly cost of a two-year fixed rate BTL mortgage for a typical amount of £150,000 increased between £2 and £5 a month, depending on whether the landlord was borrowing 50%, 65% or 75% of the value of the property.

The same calculation for a five-year fixed rate had increased from between £4 and £5 a month.  Whilst relatively modest it is the first time a month on month increase across all types of fixed rate loans tracked has been recorded.

The Property Master Mortgage Tracker follows a range of buy-to-let mortgages for an interest only loan of £150,000.  The rates and costs recorded include product and application fees.

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.

This particular Mortgage Tracker figures were calculated on rates on November 1^st, the day the Bank of England’s Monetary Policy Committee announced a decision to hold the base rate at 0.75%.

Angus Stewart, Property Master’s Chief Executive, said:

“Even though the Bank of England decided to hold the base rate this time around it does look as if BTL fixed rates are beginning to trend up following the previous increase in the summer.  Also, the Bank reiterated its view that interest rates generally will need to go up further over the coming months.  Private landlords will need to shop around to get the best deal but they may find those good deals become over time more difficult to find.�

He continued:

“That said competition amongst buy-to-let lenders is still healthy and we are seeing new developments and deals coming out all the time.  There are over 1,000 fixed rate mortgages on offer for landlords so it is important landlords look for a broker that had the technology to really provide coverage across that increasingly broad waterfront.�

Property Master, launched 18 months ago, says it 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.  Over 25,000 landlords have already tried the Property Master service, and a typical re-mortgage saving is around £1,800.

www.property-master.com

About Property Master 

Property Master launched last year and is the UK’s first and only digital mortgage brokerage service for UK buy-to-let landlords. Its innovative approach enables private landlords to take control of their financing online for the first time by matching their requirements on Property Master’s unique and complete database of mortgage information and lending criteria. Founded by a group of highly experienced financial services professionals, the company is directly authorised and regulated by the Financial Conduct Authority (FCA).

*Property Master tracked the average cost of mortgages across the following lenders: Accord, Barclays, BM Solutions, Godiva Mortgages, Halifax, HSBC, Leeds BS, Metro Bank, NatWest, Platform Mortgages, Precise Mortgages, Principality BS, Royal Bank of Scotland, Santander for Intermediaries, Skipton BS, The Mortgage Works, TSB and Virgin Money.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Fixed Rate Mortgages Trending Up | LandlordZONE.

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Want to avoid empty properties over Christmas?

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There are many problems associated with empty properties in the cold winter months. Freezing pipes, security risks, ventilation, heating costs, council tax and no rental income.

Lettingsupermarket.com are able to let property almost immediately* and on top of the rent we will pay you an incentive or grant which could be thousands of pounds towards your Christmas.

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Podcast with Jeremy Leaf- Buy or Not to Buy

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In the latest episode of Hamilton Fraser’s podcast series Paul Shamplina, Director at Hamilton Fraser and Eddie Hooker, CEO at Hamilton Fraser, are joined by the Principal of Jeremy Leaf & Co Chartered Surveyors and Estate Agents, Jeremy Leaf.

Jeremy has years of industry expertise

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Agent demanding check out fees 8 months after tenancy end?

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I have a property which is let via an agent. The previous tenancy ended in March 2018 when the tenants decided to move out after the one year fixed term. Under the terms of the AST, I am liable to pay for the check out fee (the tenants paid the check in

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Universal Credit issues behind arrears and repossessions rise

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Rent Arrears:

The release of the UK Finance (CML) Arrears and Possessions quarterly statistics, out yesterday, show that home owner mortgage arrears remain at historic lows. However, the number of buy to let mortgages with significant arrears (10 per cent or more of the outstanding balance) is up 3 per cent on last year.

Mark Pilling, managing director at Spicerhaart Corporate Sales, a company dealing with arrears and repossessions on behalf of lenders, says:

“The latest arrears and possessions statistics reveal that while arrears and possessions on residential properties remain historically low, there has been a 3 per cent increase in the number of buy to let mortgages in significant arrears compared with the same quarter of the previous year. These figures suggest that the problems with Universal Credit are now really starting to impact landlords.

“Last month, the Residential Landlords’ Association revealed that 61% of landlords with tenants receiving Universal Credit have had problems with non-payment and arrears, and on average, these tenants owe 49% more than they did a year ago.

“Universal Credit has been plagued by problems since it was introduced, and while the Government announced in the Budget that more money will be dedicated to the new welfare system, it is clear that much of the damage has already been done. Many claimants experienced huge delays in receiving their money, forcing them into arrears, and many are receiving far less than they did with the old system, which means in many cases, they simply do not have enough money to pay their rent on their reduced incomes.

“From a lenders point of view, it is important that they keep a close eye on their buy to let customers who have tenants who are on or are soon to be moved onto Universal Credit so they are able to work out the best solution for those who are struggling so that repossession is a last resort.�

Buy-to-Let Mortgages & Re-Mortgages

Meanwhile, other statistics show that buy-to-let lending for the full year 2018 will fall below UK Finance’s original estimate of £12bn, to around £9bn, a 25% shortfall.

Taxes, tenancy regulations and other additional costs continue to have an adverse impact on the buy-to-let market and landlords’ pockets.

Speaking at UK Finance’s annual mortgage conference earlier this week, Jackie Bennett, director of mortgages said of the decline:

“This is undoubtedly the impact of various tax, regulatory and legislative changes that have happened to landlords in the buy-to-let sector.

“And with the 2018 tax bills dropping through landlords’ letterboxes, or more likely in their inboxes these days, we are yet to see what further impact this may have on the market.�

However, while new buy-to-let lending may be down, but re-mortgaging is set to exceed initial forecasts. According to UK Finance, mortgaging could hit £27bn this year, up £3bn on the January estimate.

UK Finance Mortgage Report

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Universal Credit issues behind arrears and repossessions rise | LandlordZONE.

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