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  • Stricter buy to let stress tests, as lenders prepare for changes ahead | Mortgages for Business
    ahead 12 01 16 Written by Paul Martins The knock on effects from the upcoming changes in tax regime are becoming apparent as a number of lenders including TSB Mortgage Trust and Paragon revise their buy to let affordability calculations As predicted by industry experts the introduction on the 1st April 2016 of a three percentage point stamp duty surcharge on purchases of additional residential property is slowly starting to effect the way the buy to let sector operates This week Mortgage Trust and Paragon Mortgages increased their interest coverage ratio ICR to 5 35 for single self contained property applications in a bid to build further sustainability into their loan book a statement from the lender said The new range from Mortgage Trust includes a two year fixed rate at 3 05 available up to 75 LTV and 3 45 at 80 LTV A five year fixed rate product at 3 70 available up to 75 LTV is also now on offer Paragon Mortgages has made adjustments to its products to reflect the changes in ICR effective from 11th January For example gross rental income from a single self contained unit Individuals is subject to a minimum of 125 of an interest only payment calculated at 5 35 or product charging rate if greater House in Multiple Occupation HMO and limited company applications for Paragon Mortgages will see no changes in ICR calculation As such the gross rental income from single self contained unit Limited Company is subject to a minimum of 125 of an interest only payment calculated at 5 or product charging rate if greater The gross income from an HMO multi unit block is subject to an absolute minimum of 130 of an interest only payment calculated at 7 Meanwhile TSB as reported on yesterday is increasing the rate of interest it uses in its buy to let affordability calculation from 5 to 5 5 as from Tuesday 12 January The new rate of 5 5 will apply to mortgages over 65 loan to value LTV Mortgages which are less than or equal to 65 LTV will be assessed against the notional rate of 5 Applications which are currently being processed including decision in principles that were submitted before 8pm on 11th January will not be affected unless the application does not proceed and is then submitted at a later date David Whittaker Managing Director Mortgages for Business said The knock on of the proposed tax changes to mortgage interest relief will be lenders introducing different stress tests for individual and limited company borrowers For limited companies I expect that the rental cover calculations will stay broadly the same as they are now However for individual borrowers the stress test will get much more bracing because the individual s ability to offset costs over time will be reduced From 2017 onwards the tax liability will step up year on year until 2020 You might also be interested in 27 07 2015 Buy to let from personal

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/stricter-buy-to-let-stress-tests-as-lenders-prepare-for-changes-ahead/ (2016-02-16)
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  • Diary of a Buy to Let Purchase Part 9 – Join me in a buy to let fist pump | Mortgages for Business
    Browne I have a bank account I repeat I HAVE A BANK ACCOUNT And AND A MORTGAGE OFFER I know I know Hallelujah So here is how things panned out since my last post I went to Cornwall arrived in the gales and driving rain as predicted The kids were uncharacteristically good unnerving to say the least We then succumbed to said weather gave up and came back two days later via the Eden project amazing place if you like plants the café was exceptional I arrived home to find A NatWest chequebook A NatWest debit card And another NatWest chequebook no idea why I got two and frankly who cares Getting the buy to let mortgage offer Exciting I bounced into work on the Monday and fired over my bank details to Paragon who promptly issued my offer Job done And I have to say that despite my incessant whinging the whole process was actually remarkably painless A property found a limited company formed a bank account set up and a mortgage offered all well within a month s timeframe and we have Christmas in the middle of all that I also paid some money into my new bank account so I could put my solicitor in funds I then sent my solicitor a cheque my money laundering documents and a signed client agreement and that Well that s it I am now sat around twiddling my thumbs waiting for an update with nothing more I can do to expedite this Which for someone who has a definite element of control freak about them doesn t sit well What exactly do conveyancing solicitors do So what happens next My solicitor and the vendor s solicitor are now going back and forth My solicitor asks questions the other solicitor answers

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/diary-of-a-buy-to-let-purchase-part-9-join-me-in-a-buy-to-let-fist-pump/ (2016-02-16)
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  • BTL purchases could outstrip remortgages in Q1 2016 | Mortgages for Business
    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 BTL purchases could outstrip remortgages in Q1 2016 12 01 16 Written by Jenny Barrett Buy to let remortgage transactions outstripped purchases by more than 2 1 in 2015 according to the latest Complex Buy to Let Index from specialist brokers Mortgages for Business The results for Q4 revealed that remortgages for vanilla buy to let property accounted for 64 of transactions with Houses in Multiple Occupation HMO and multi units seeing even greater remortgage activity at 78 and 88 of transactions respectively Commenting on the findings David Whittaker managing director of Mortgages for Business said The results aren t surprising for some time now landlords have been making considerable savings through remortgaging Many have also been releasing equity to make improvements and plan further purchases However I anticipate that we will see a reversal of this trend in the first quarter of this year as landlords hurry to expand their portfolios before the stamp duty surcharge kicks in on 1st April The number of enquiries for purchase finance is already well ahead of where we were this time last year particularly from those looking to sell their personally owned property into a corporate vehicle Although yields across all property types rallied in Q4 2015 in real terms they continue to plateau as rental income failed to keep pace with rising property prices However returns for the more complex properties remain healthy and well above the psychological 6 mark The

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/btl-purchases-could-outstrip-remortgages-in-q1-2016/ (2016-02-16)
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  • Changes in tax regime prompt lenders to revise buy to let offerings | Mortgages for Business
    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 Changes in tax regime prompt lenders to revise buy to let offerings 11 01 16 Written by Jeni Browne TSB and Aldermore are revising their buy to let offerings ahead of the recent government changes that are due to effect buy to let investors as from 1st April 2016 High street bank TSB will increase the rate of interest it uses in its buy to let affordability calculation from 5 to 5 5 as from Tuesday 12 January The new rate of 5 5 will apply to mortgages over 65 loan to value LTV Mortgages which are less than or equal to 65 LTV will be assessed against the notional rate of 5 Applications which are currently being processed including decision in principles that are submitted before 8pm on 11 January will not be affected unless the application does not go ahead and is then submitted at a later date The Chancellor s decision to decrease the amount of tax relief landlords can claim on their mortgage interest payments has led to several lenders amending their buy to let affordability calculations For example while Barclays has maintained its notional rate of interest at 5 79 it upped its rental ratio cover from 125 to 135 in November last year stating that the changes in the tax regime would increase costs for landlords meaning it needed to revise its calculator to reflect the added pressures Meanwhile SME focused bank Aldermore is looking to support those investing in buy to let properties through limited companies by removing the additional 1 charged on its range of specialist limited company single residential unit buy to let products The move will align its limited company offering with its standard individual buy to let deals Furthermore the bank has re introduced its buy to let two year fixed deal for individuals at 4 68 for an 80 LTV mortgage Charles Haresnape Group Managing Director Mortgages at Aldermore said With recent changes towards buy to let Aldermore has looked to support those investing through limited companies by reducing rates in order to bring them in line with our product range for consumers Feedback from our brokers shows an increase in the number of enquiries for buy to let products through limited companies It is important that we are flexible to the investment patterns of our customers and we have responded by levelling the playing field between our consumer and company buy to let rates With one in five properties in the UK owned by a private landlord the private rental sector is a hugely important component of the housing market and supporting buy to let landlords is crucial at a time when housing supply pressures have seen the number of number of households renting rise from 2

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/changes-in-tax-regime-prompt-lenders-to-revise-buy-to-let-offerings/ (2016-02-16)
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  • Keystone to accept first time landlords and trading businesses | Mortgages for Business
    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 Keystone to accept first time landlords and trading businesses 07 01 16 Written by Jenny Barrett Keystone Buy to Let Mortgages has taken on board comments from intermediaries and made two significant improvements to its Classic Range lending criteria In response to feedback from brokers and investors Keystone has opened up its offering to accept first time landlords and trading limited companies Commenting on these criteria changes David Whittaker managing director of Keystone Buy to Let Mortgages said We talked over the proposed changes with our funding partners Paratus AMC and decided that increasing demand for those looking to get into property investment and borrow via a trading limited company was an opportunity not to be missed We hope that the introduction of lending to trading companies will help keep costs down for those affected by the Government s proposed tax relief restrictions Special Purpose Vehicle SPV limited companies corporate structures which are designed to hold property but do nothing else are already part of Keystone s lending policy Currently 23 of BTL lenders offer products to SPVs However only a handful cater to trading limited companies because the underwriting involved takes more time to assess and requires a wider skillset Keystone is also urging brokers to submit their

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/keystone-to-accept-first-time-landlords-and-trading-businesses/ (2016-02-16)
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  • Landlords raise £50k via crowdfunding campaign to fight Government’s buy to let tax changes | Mortgages for Business
    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 Landlords raise 50k via crowdfunding campaign to fight Government s buy to let tax changes 05 01 16 Written by Jeni Browne The Government faces a legal challenge as two landlords looking to fight increase in taxes on buy to let investments raise over 50 000 in less than ten days via a crowdfunding platform Chris Cooper and Steve Bolton have already secured the support of more than 740 donors following the launch of their campaign on Boxing Day via crowdfunding website Crowd Justice The private landlords are looking to secure a judicial review of specific clauses on the Finance Act 2015 through which the Government installed changes which prevent landlords from being able to offset mortgage interest costs against rental profits before tax is calculated Thousands of buy to let landlords will see earnings hit following the Chancellor s announcement in July which specified that the amount landlords can claim as relief will be set at the basic rate of tax currently 20 Some current basic rate taxpayers will also be hit because the change will push them into the higher rate tax bracket Already a parliamentary petition to scrap the changes which was launched this summer has secured almost 50 000 signatures and the National Landlords Association has warned that the changes could have adverse effects and add billions to rent Campaigners Chris Cooper and Steve Bolton said As a result of this change many thousands of people will find themselves being taxed on loss making buy to let properties see massive increases in the percentage of tax payable and many will find

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/landlords-raise-50k-via-crowdfunding-campaign-to-fight-government-s-buy-to-let-tax-changes/ (2016-02-16)
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  • Keystone Classic Range sets application deadline for purchases | Mortgages for Business
    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 Keystone Classic Range sets application deadline for purchases 05 01 16 Written by Jenny Barrett Keystone Buy to Let Mortgages is urging brokers to submit their clients Classic Range purchase applications as soon as possible in an effort to ensure that cases complete before 1st April 2016 when the new stamp duty surcharge of three percentage points comes into effect Although it doesn t guarantee that all purchase cases will complete within this timeframe Keystone will prioritise applications that are submitted by 29th January 2016 Commenting on the deadline David Whittaker managing director of Keystone said Since the surcharge was announced we have been preparing for an increase in applications making sure that systems are in place and staff are ready We have also been working closely with our valuers and solicitors to ensure that they too are prepared for what we anticipate will be a very busy period Getting purchase applications over the line before 1st April is our priority It will save borrowers thousands of pounds The deadline will give us a little over eight weeks to take cases from submission to completion In most instances that will be do able even for limited company applications which because they require a greater underwriting skillset can take longer to process According to Keystone s management information the industry average time it takes to take a case from start to completion is 95 days

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/keystone-classic-range-sets-application-deadline-for-purchases/ (2016-02-16)
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  • Diary of a Buy to Let Purchase Part 8 - The Method Behind the Madness | Mortgages for Business
    in terms of deposits as a percentage 25 is a number which doesn t necessarily mean much But when you instead use 43 750 it sounds like a lot of money for those of you who buy higher value properties the numbers make my eyes water And this figure doesn t include all the other fees Dear Lord let my purchase complete before April Buy to let deposit So the amount I could spend was very much limited to the amount of deposit I could raise Generally for buy to lets you need 25 although you can get away with 20 sometimes and the deals get better at lower levels So with a very set maximum purchase price in mind I was fairly restricted in terms of what I could buy The second factor was where Now we are based in Sevenoaks which is a little bit like London high value and low yielding Whilst I don t expect this property to be an income spinner for now at least for me Sevenoaks didn t make sense i e the rent wouldn t cover the mortgage and I didn t fancy having to top things up plus this would mess up the mortgage so that was out Not so disgusted of Tunbridge Wells So I instead turned my sights to Tunbridge Wells just down the road Now I am not saying that everyone should be buying here but here are the reasons this town made sense for me There is a strong rental demand this is obviously helpful when buying a buy to let There are good train links into London There are several large organisations based in the locality The town has a very strong economy I used to live there so I know the town well And the biggest point I could afford something here I decided that I wanted a flat less things to go wrong not a house And I wanted a share of freehold if possible as I have owned flats in the past and found that management companies if run externally can rip you off Location is really important to me so I opted for the better end of town albeit the trade off was that what I could buy would be smaller than the other end of town And so I have ended up with a one bedroom conversion flat two minutes walk to the town and five minutes walk to the station It s definitely bijou but I would happily live there and if I would live there I am guessing other people would want to as well It comes with the additional bonus of having a tenant who wants to stay on so it should be income producing from day one plus there is no chain which helps with my April deadline So there it is Nothing racy but hopefully a solid little investment which will do all the things I want it to In other news NatWest texted me to

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/diary-of-a-buy-to-let-purchase-part-8-the-method-behind-the-madness/ (2016-02-16)
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