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  • Metro Bank refreshes product range increasing interest only flexibility | Mortgages for Business
    of mortgage Residential Stamp Duty Calculator Research Case Studies Complex Buy to Let Index Buy to Let Mortgage Product Index Buy to Let Mortgage Costs Index Limited Company Buy to Let Index Property Investor Survey Money Markets FAQs FirstRate MFB TV Helping brokers with Buy to let mortgages Commercial mortgages Property development finance Bridging short term finance Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Metro Bank refreshes product range increasing interest only flexibility 22 01 16 Written by Beckie Pepperrell Metro Bank has introduced new initiatives to revamp its buy to let and residential mortgage offering including a rate reduction of 30 basis points Another of Metro Bank s initiatives is to revise the repayment strategy on its interest only mortgages The bank will now allow 50 of the property value on properties valued above 2m to be incorporated into the repayment strategy It has also introduced residential products of up to 5m advising that mortgages above this amount will be considered on a case by case basis As part of the revamp builder s incentives of up to 5 of the purchase price are now accepted by the bank at up to 85 loan to value LTV on residential houses and flats and 75 LTV on buy to let houses and flats Metro Bank s latest range of three year fixed rates for residential and buy to let mortgages is also new to the market Charles Morley Head of Mortgage Distribution Metro Bank said These initiatives help to support our growth plans in the intermediary market throughout 2016

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/metro-bank-refreshes-product-range-increasing-interest-only-flexibility/ (2016-02-16)
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  • Annual gross mortgage lending at highest since 2008 | Mortgages for Business
    commentary from the Council of Mortgage Lenders CML Estimates from the CML put gross mortgage lending at 19 9 billion in December While the figures are 3 lower than November 20 5 billion they are up 23 on December 2014 16 2 billion bringing the estimated total for the year to 220 3 billion This is an 8 increase on the 203 3 billion seen in 2014 and the highest annual gross lending figure seen since 2008 The CML reports that probable lending figures for the fourth quarter of 2015 are therefore approximately 62 3 billion This is a 1 increase on the third quarter and a 23 increase on the fourth quarter of 2014 Mohammad Jamei economist at the CML said Lending ended the year stronger than it started with our estimate of nearly 20 billion lent in December This brings total lending to just over 220 billion for 2015 as a whole and slightly higher than we had anticipated The low inflation environment along with real wage growth an improving labour market and competitive mortgage deals have all helped to underpin demand Having said this the upside potential looks limited over the near term as the supply of existing and new properties on the market remains weak and affordability pressures weigh on activity There is an added element of uncertainty as we wait to see the impact of tax changes on the buy to let sector The CML has also published its lending figures for November 2015 and reports that homeowner house purchase lending hit 10 7bn in November down 9 on October but up 18 on November 2014 Gross buy to let dropped month on month by 6 in volume and 8 in value but the substantial growth year on year continued Buy to let remortgage continued

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/annual-gross-mortgage-lending-at-highest-since-2008/ (2016-02-16)
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  • Carney waylays expectations of imminent rate rise | Mortgages for Business
    oil prices has led Carney to rule out an imminent rise in interest rates Six months previously the governor was reported as saying that a rise in interest rates would come into sharper relief at the beginning of 2016 While not explicit this was taken by many as an indication that interest rates would start rising early this year A move that would have been welcomed by savers who since the 2008 crisis have faced the lowest ever interest rates However the latest decision by the Bank of England to maintain Bank Rate at 0 5 is welcome news for mortgages holders 72 of whom will see their mortgage repayments increase once Bank Rate does rise according to research from TSB For now though rate rises seem a remote prospect with some economists predicting no change until late 2016 or even early 2017 Speaking at Queen Mary University of London Mark Carney said Last summer I said that a decision as to when to start raising Bank Rate would likely come into sharper relief around the turn of the year Well the year has turned and in my view the decision proved straightforward now is not the time to raise interest rates The governor went on to say that any future rise in rates would be small and gradual It is clear to me that since last summer progress has been insufficient to warrant a tightening of monetary policy Mr Carney said The world is weaker and UK growth has slowed Due to the oil price collapse inflation has fallen further and will likely remain low for longer It has always been the case that because the economy is subject to unforeseen disturbances the precise path for Bank Rate rises cannot be pre ordained Mr Carney explained that the Monetary Policy Committee MPC would not be driven by the calendar on when to raise rates but on economic prospects We ll do the right thing at the right time he said When discussing the American Federal Reserve s decision last year to increase interest rates for the first time since the financial crisis Carney dismissed any supposed pressure on the Bank of England to do the same Inflation is stronger in the US and the British economy is more exposed to the global slowdown in growth explained Carney He also highlighted the fact that the Federal Reserve s rate rise had simply increased US interest rate to the same level as the Bank of England s Three factors were cited as the strongest indicators of a rise in rates Firstly that UK economic growth exceeds the average trend For example 2015 s growth at an average quarterly rate of 0 5 was seen as disappointing Secondly that wage growth increases and productivity improves And thirdly that core inflation nears the target rate of 2 These three factors I have described are guides for monetary policy decisions but there are no magic thresholds Mr Carney added The journey doesn t have

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/carney-waylays-expectations-of-imminent-rate-rise/ (2016-02-16)
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  • Buy To Let app now available to Android users | Mortgages for Business
    Mortgage Costs Index Limited Company Buy to Let Index Property Investor Survey Money Markets FAQs FirstRate MFB TV Helping brokers with Buy to let mortgages Commercial mortgages Property development finance Bridging short term finance Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Buy To Let app now available to Android users 20 01 16 Written by Jenny Barrett Mortgages for Business has made its Buy To Let app available to Android users The app which is free to download was previously only available on iOS Commenting on the launch managing director David Whittaker said The number of clients who use Android to access MFB online has jumped from just under 2 to nearly a quarter in the three years since we originally launched the app solely for iOS Clearly the time is now right to cater for these clients too The app provides instant access to the latest buy to let rates and allows users to search for mortgages that match their specific circumstances and borrowing requirements In particular the advanced search function allows users to find products for limited company applicants and HMOs Search results provide detailed financial summaries of each buy to let mortgage including the lender s maximum loan to value monthly interest only or repayment cost rental requirements and arrangement fees Users can also email themselves quotes for specific products The handy portfolio manager function has also been improved Previously property details were held on the device but users can now save the information to a secure server allowing them to access the information across multiple

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/buy-to-let-app-now-available-to-android-users/ (2016-02-16)
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  • Landlords doing nothing is not an option | Mortgages for Business
    how this might look in practice for an individual higher rate tax paying landlord who owns rental property personally 2016 Current Situation Average buy to let property 300 000 Buy to let mortgage at 75 LTV 225 000 Annual rental income 15 000 Annual mortgage interest at 4 9 000 Rent of 15 000 less interest of 9 000 gives a taxable Profit of 6 000 Tax at 40 on this is 2 400 Profit of 6 000 less 2 400 tax gives a Net Profit of 3 600 2020 After new tax changes fully implemented In four years time all interest offset allowances will be at the basic rate of 20 only Taxable profit is now the annual rent of 15 000 40 tax on this is 6 000 less interest offset at the basic rate 9 000 x 20 1 800 Tax payable is 6 000 less 1 800 So the tax bill is 4 200 On this basis rent of 15 000 minus 9 000 interest and minus tax bill of 4 200 gives a Net Profit 1 800 2020 After new tax changes fully implemented and mortgage interest rate rises by 2 In four years time assuming mortgage interest rates more are than 2 higher The annual mortgage interest has increased from 9 000 to 13 500 at 6 and the profit before tax is only 1 500 Taxable profit is now the annual rent of 15 000 40 tax on this is 6 000 less interest offset at basic rate 13 500 x 20 2 700 Tax payable is 6 000 less 2 700 So the tax bill is 3 300 On this basis tax charge is now greater than the profit so the landlord makes a Net Loss of 1 800 What should you do Most importantly landlords should seek professional tax advice regarding their individual circumstances to see how the changes will impact them directly Some landlords will discover that operating their portfolios via a limited company will be more tax efficient and cost effective in the long term New purchases In anticipation of these changes coming into effect in the second half of last year we saw the number of new purchases by landlords using a limited company increase Existing portfolios We ve already helped many landlords to move their properties from personal to limited company ownership This can be a costly exercise in the short term as properties have to be sold at full market value they can t simply be transferred and we are seeing a surge in activity as landlords look to beat the 3 stamp duty surcharge which comes into effect on 1 St April 2016 If you decide that using a limited company for your portfolio is the way forward do get in touch now on either of our direct lines detailed below or by calling the main line 0845 345 6788 We can help you find the right finance for your circumstances But remember time is

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/landlords-doing-nothing-is-not-an-option/ (2016-02-16)
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  • Bank of England base rate to remain at 0.5pc | Mortgages for Business
    short term finance Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Bank of England base rate to remain at 0 5pc 15 01 16 Written by Steve Olejnik The Bank of England s Monetary Policy Committee MPC has once again voted 8 1 to hold Bank Rate at 0 5 and will maintain the size of the Asset Purchase Programme at 375bn All rate setters sitting on the MPC with the exception of Ian McCafferty voted for no change in Bank Rate McCafferty who had the same view at the last meeting has been voting for a rate rise for several months The Bank Rate has now remained unchanged since March 2009 when it first dropped to the historic low of 0 5 Predictions of a Bank Rate rise at the end of 2016 have now been deferred to early 2017 by several economists In a statement the Bank of England said All members agreed that given the likely persistence of the headwinds weighing on the economy when Bank Rate does begin to rise it is expected to do so only gradually and to a level lower than in recent cycles This guidance is an expectation not a promise McCafferty voted to increase Bank Rate by 25 basis points due to his concerns that inflation could overshoot the 2 target set by the Bank of England However the decline in oil prices was cited in the minutes as being the reason behind the Committee s overall view that a rise in inflation would be more gradual in the near term

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/bank-of-england-base-rate-to-remain-at-05pc/ (2016-02-16)
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  • Strong upward trend in rental market across the UK | Mortgages for Business
    Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Strong upward trend in rental market across the UK 13 01 16 Written by Andy Elley Rents on new UK tenancies rose on average by 4 9 outside of the capital last year with Brighton Bristol Edinburgh and Newcastle experiencing the highest rental increases in 2015 a new index has revealed The HomeLet Rental Index has found that the average rent in the UK at the end of 2015 was 739 outside of London compared to 704 in 2014 In London rents averaged 1 523 at the end of 2015 against 1 410 in 2014 Brighton and Bristol s rental market saw the steepest increases with rents on new tenancies signed last year rising on average by 18 compared to 2014 Edinburgh and Newcastle followed closely behind seeing a 16 increase London continued to be a top rental hotspot in 2015 along with Liverpool both experiencing increases of 11 The monthly HomeLet Rental Index shows an average 4 9 rise on new tenancies signed across the UK excluding Greater London in the last three months of 2015 when compared to the same period in 2014 The monthly figures also show that the London market was up by 8 on the final three months of 2014 hitting an average rental figure of 1 523 Martin Totty Chief Executive Officer Barbon Insurance Group said 2015 was a year in which rents on new tenancies were up on 2014 in almost every area of the country While we saw a moderation in the rate at which rents increased during the final months of the year and even some falls in a number of regions the sector overall has continued to see strong demand Beneath the headline figures HomeLet s data points to some significant variations in rental market performance in 2014 both from region to region and from town to town In locations such as Brighton and Bristol demand for rental property appears to have been particularly strong and rents on new tenancies jumped very markedly In other areas we saw slower growth The Index from the specialist lettings insurance company HomeLet which is part of Barbon Insurance Group also reveals that rents on new tenancies agreed over the three month to December 2015 fell in eight out of 12 regions in the UK when measured against the three months to the end of November The biggest increases were seen in the West Midlands and Wales up by 1 0 and 0 8 respectively while Scotland and Northern Ireland saw the biggest falls at 2 8 and 1 8 respectively However rents rose on an annual basis in 10 out of 12 areas led by London where rents on new tenancies signed during the final three months of the year were 8 higher than in

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/strong-upward-trend-in-rental-market-across-the-uk/ (2016-02-16)
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  • Stamp Duty Land Tax - the low down so far for landlords and property investors | Mortgages for Business
    bought together the purchaser can choose to apply the non residential rates of stamp duty which are not subject to the 3 surcharge to the entire transaction value or apply residential rates of stamp duty including the 3 surcharge if applicable with Multiple Dwellings Relief applied Married couple and civil partners The Government treats married couples and civil partners living together as one unit Therefore if you are married or in a civil partnership and either of you owns one or more residential properties then you are likely to pay the higher rates when either of you purchases another property Joint purchasers Joint purchasers will be treated in a similar way At present the government proposes that if at the end of the day of a transaction any of the joint purchasers has two or more properties and is not replacing a main residence the higher rates will apply to the entire consideration for the transaction without any allowance being made for those joint purchasers who do not have an interest in another property Parents helping their children on to the property ladder Under certain circumstances higher SDLT rates may apply to parents helping their children on to the property ladder For example properties purchased by a parent already owning a house for or with their children will be subject to the higher rate of tax Where the parent does not jointly own the property but provides money towards a deposit while also acting as guarantor on the mortgage the 3 levy will not apply Delay between buying and selling Where the sale and purchase of properties does not take place on the same day complications with a chain for example a maximum 18 month period between the sale of a previous residence and the purchase of a new main residence has been proposed as to determine whether the higher rates apply A refund mechanism has been proposed for those purchasers who pay the higher rate but then do sell their previous residential property within 18 months of the purchase of the new main residence International property SDLT only applies to property purchased within England Wales and Northern Ireland However property owned globally will be taken into account when determining whether a property purchased in England Wales or Northern Ireland is an additional property If for example someone is purchasing their first or only property in England Wales or Northern Ireland they may pay the higher rates if they already own property outside these areas Exemptions Certain cases are in the main exempt from the higher 3 levy Timeshares are not chargeable for SDLT purposes and as such the higher rates will not apply to the purchases of timeshares Equally individuals do not pay SDLT on inherited properties and there are no plans to change this Inherited property will be relevant when determining if a purchaser is buying an additional residential property or not The purchase of caravans mobile homes and houseboats will be exempt from the higher rates of

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/stamp-duty-land-tax-the-low-down-so-far-for-landlords-and-property-investors/ (2016-02-16)
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