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  • Diary of a Buy to Let Purchase Part 6 - Business bank account interview or Center Parcs? | Mortgages for Business
    harsh on them Then I read the text in full they want to talk through my account requirements and to allow 45 minutes for the call Which begs the question what on earth was the point in my filling out their tortuous online application Waste of bloody time I may as well have just gone into a branch Anyway I received this message on Friday then went straight off to our annual conference and as I can only call them between 9 5 Monday to Friday and I have been in Center Parcs in Woburn this week fabulous place no phone signal we have made zero progress on the bank account front I have to say I have been so utterly underwhelmed with the process and actually disappointed that the process has been as pants as I thought it would be Perhaps when I get around to phoning them they will tell me that they are doing a Christmas special for new account holders and are giving away a whole family of Nathaniel pigs If this happens I am of course willing to retract every negative comment I have made about them Fickle C est moi However Paragon is being the antithesis of NatWest My valuation was instructed on Monday and happened today I will admit it I am impressed with the speed at which this is all happening Assuming the survey comes back in without any issues I could well have a mortgage offer out early next week Except I haven t sent in the direct debit mandate as I don t yet have a bank account So I most definitely won t be getting a mortgage offer next week No fault of Paragon yes NatWest I am however pointing the finger of accusation at you The legals are I believe progressing nicely My solicitor has written to the vendor s solicitor so I guess they are doing their initial legal thing now Which reminds me I need to send my solicitor 500 Happy Christmas and all that I am off to throw myself down a water filled tunnel whilst sitting on a massive rubber ring which is almost a treat after all the bike riding I have been doing Diary of a Buy to Let Purchase 2 12 2015 Part 1 It was that or a Range Rover 4 12 2015 Part 2 I ve made 800 already and I haven t got the mortgage yet 7 12 2015 Part 3 The demise of Nathaniel Pig 8 12 2015 Part 4 Call off the dogs 11 12 2015 Part 5 bank account 21 12 2015 Part 7 Reality bites 29 12 2015 Part 8 The method behind the madness 12 01 2016 Part 9 Join me in a buy to let fist pump 25 01 2016 Part 10 The silence is deafening 16 02 2016 Part 11 Throwing toys out of prams You might also be interested in 27 07 2015 Buy to let from personal to limited

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/diary-of-a-buy-to-let-purchase-part-6-business-bank-account-interview-or-center-parcs/ (2016-02-16)
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  • Buy to let lending policy on freehold and leasehold ownership | Mortgages for Business
    their stance on landlords who have an interest in both the leasehold and freehold of a property If you own a flat within a block it is likely that you own it on a leasehold basis In basic terms this means you own the right to occupy the flat but you do not own the building it is in you are leasing it from the freeholder If you own the freehold of the building you own the entire building and the land it stands on outright The leasehold and freehold should never be owned in the same name although in many cases our clients have some kind of share in both Typical ownership structures for these cases are shown below If you own the freehold in a You could own the leasehold in a Joint name Sole name Sole name Joint name SPV Ltd Co name Sole or joint name Sole or joint name SPV Ltd Co name If you own the freehold as You could own the leasehold as Mr and Mrs Barrett Mr Barrett Mr Barrett Mr and Mrs Barrett Barrett Ltd Mr and Mrs Barrett Mr and Mrs Barrett Barrett Ltd In the good old days it was fine for investors to own a leasehold flat and also be involved in the freehold of the building Refinancing this type of buy to let was never an issue yes some lenders may have had exposure issues and would only be prepared to fund one or two of them but there were plenty of borrowing options available Over the last few months we have become acutely aware that a good number of buy to let lenders have started to review their criteria and will no longer accept a long leasehold as security where the leaseholder also has a significant or controlling stake in the freehold Why Here s an example to demonstrate Mr Mrs Barrett With the help of a buy to let mortgage Mrs Barrett owns the leasehold of a flat which is rented to tenants Mr Barrett s limited company Barrett Ltd solely owns the freehold of the building in which Mrs Barrett s flat is located Mr Mrs Barrett have an acrimonious split Mrs Barrett refuses to continue paying the mortgage on the leasehold flat which subsequently defaults the loan She also stops paying the ground rent and service charge due under the terms of the lease The mortgage lender attempts to call in the security the leasehold flat but is thwarted by the freeholder Barrett Ltd Barrett Ltd claims that non payment of the ground rent and service charge are defaults under the terms of the lease In real terms this means that Barrett Ltd could go to court to claim forfeiture of the lease which takes preference over the mortgage lender who is left with an unenforceable security What is an unenforceable security As the lease has been forfeited technically it no longer exists so the lender no longer has a charge over the

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/buy-to-let-lending-policy-on-freehold-and-leasehold-ownership/ (2016-02-16)
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  • Paragon launches new range to appeal to professional landlords | Mortgages for Business
    Types 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 Paragon launches new range to appeal to professional landlords 16 12 15 Written by Steve Olejnik A winter range of 22 fixed rate and tracker buy to let products designed for professional landlords has been launched by Paragon Mortgages The refreshed product range includes two three and five year fixed rate mortgages with up to 75 LTV available to professional landlords including those who hold their properties in vehicle companies Among the new products are a two year fixed rate product at 3 70 as well as a two year fixed rate product at 4 10 both with a 1 50 product fee Five year fixed rates are also available at 4 30 and 4 75 again with a 1 50 product fee The buy to let lender is also offering three year and lifetime trackers Paragon is a semi exclusive lender meaning it can only be accessed via a select panel of brokers including Mortgages for Business John Heron Director of Mortgages at Paragon said The market is being given some very clear signals by government that policy going forward will favour professional landlords with larger portfolios that hold their properties within a

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/paragon-launches-new-range-to-appeal-to-professional-landlords/ (2016-02-16)
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  • Four ways to raise capital to purchase a business or investment property | Mortgages for Business
    and there are a few new options to the market such as equity release schemes quirky and not widely marketed I thought I would take the time to show you a few routes that various clients of mine have taken in order to facilitate the purchase of a new property or a dream business 1 Remortgage First off we have a standard residential remortgage Annual earnings have increased over the past few years and as we all know property prices particularly in the South East of England have seen some fantastic growth in capital values These two factors have allowed clients to raise capital against their homes to provide deposits for new property When remortgaging their homes the majority of my clients tend to go for a five year fixed rate so they are protected from any interest rate rises in the near future At present five year fixed rates for residential remortgages can be picked up for circa 2 5 3 and the application process is fairly quick and straight forward Remortgaging buy to let property is also an option Depending on your circumstances rates for this type of remortgage can be extremely low there s even a discounted tracker available below 2 Some of my clients in the South East especially have noted that whilst their properties have strong capital values the rent they receive is too low to raise capital Fortunately there are a number of lenders that will lend larger amounts and calculate the debt service cover from the lender s pay rate and not the typical stressed interest rate of c 5 25 at 125 interest cover 2 Further advance If your mortgage residential or buy to let is on a very competitive rate that you don t want to change you could consider getting a further advance from your existing lender Typically the rate you will be offered for the additional loan will be different from your main mortgage These loans can be a way of raising capital relatively quickly but the lender will require that the property is revalued to ensure there is sufficient equity 3 Buy to let equity loan Another way to raise capital without changing your existing BTL mortgage or adding to your monthly outgoings is to take out a buy to let equity loan with no monthly repayments A number of my clients have used an equity release scheme from Castle Trust Essentially it is a loan that helps landlords gear up their buy to let borrowing to 85 LTV You can borrow up to 20 of the property value up to a combined loan to value of 85 Crucially there are no monthly repayments no principal and no interest Instead the original loan amount is repaid along with a share of any increase in the value of the property during the life of the loan Last summer one of my clients used a buy to let equity loan to raise funds to purchase a Cornish holiday park with

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/four-ways-to-raise-capital-to-purchase-a-business-or-investment-property/ (2016-02-16)
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  • Overall purchase approvals rise while lending to small-deposit borrowers remains static | Mortgages for Business
    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 Overall purchase approvals rise while lending to small deposit borrowers remains static 11 12 15 Written by Jeni Browne Overall house purchase approvals rose to 70 511 in November making it the highest monthly total seen since August this year while lending to small deposit borrowers saw no improvement new research shows In spite of a 1 3 rise in overall approvals of house purchases from October 2015 to November 2015 data from the latest e surv survey shows there was no rise in lending to small deposit borrowers Lending to buyers with a deposit worth 15 or less of their property s total value totaled just 11 493 this November seeing no real improvement on October s 11 489 approvals Small deposit borrowers accounted for just 16 3 of approvals granted in November down from 16 5 in October indicating that this sector of borrowers is falling as a proportion of overall house purchase lending Research into first time buyer sales from Your Move and Reeds Rains supports this trend First time buyer sales have dipped by 1 7 month on month from 28 600 in September 2015 to 28 100 in October 2015 The proposals announced in the Chancellor s Autumn Statement are hoped to address the decline in sales to first time buyers David Plumtree Group Chief Executive of Connells Estate Agency said With half of the new affordable housing planned to be starter homes and another third planned to be shared ownership

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/overall-purchase-approvals-rise-while-lending-to-small-deposit-borrowers-remains-static/ (2016-02-16)
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  • Diary of a Buy to Let Purchase Part 5 – effing bank account | Mortgages for Business
    much destined to fail Applying for a business bank account online with NatWest And guess what I diligently filled in the bank account application form online I was asked all sorts of questions to which I didn t know the answer and thus may have guessed I also tried to go back a page and wiped the whole application Not once but four times You just can t teach an old dog new tricks Needless to say by the time I got to the end of this banking equivalent of waterboarding I was feeling super pleased with myself I hit the submit button with a flourish and got a lovely message telling me thanks for the application we will be in touch What customer service NO timeframe NO mention of how they will be in touch phone email carrier pigeon perhaps and NO real understanding of what on earth I do now I wasn t even given a reference number or acknowledgement email So that s nice What really adds to the enjoyment of this is that I am on holiday next week so there is the square root of sod all that I can do until Christmas week Consider yourselves told Aside from this I am feeling pretty on top of things My mortgage application is well under way my survey should get booked in next week at some time although whether the surveyor will get out before Christmas is doubtful they are so busy at the moment I would throw out at this point that for those of you looking to do the same as me i e sneak in a purchase before 1st April you do need to keep in mind that the banks surveyors and solicitors are going to get busy in the April run up and so to leave things until the last minute could be your downfall And believe me if you leave it until the last minute you won t get special treatment and bumped up the queue because everyone else is going to be in the same boat Consider yourselves told I have my wonderful solicitor on the case Crikey he may even receive a Memorandum of Sale at some point and be able to start a file Racy And the bank account is somewhere in the ether at NatWest BEYOND CARING Overall I am feeling very organised Time for a holiday Diary of a Buy to Let Purchase 2 12 2015 Part 1 It was that or a Range Rover 4 12 2015 Part 2 I ve made 800 already and I haven t got the mortgage yet 7 12 2015 Part 3 The demise of Nathaniel Pig 8 12 2015 Part 4 Call off the dogs 17 12 2015 Part 6 Business bank account interview or Center Parcs 21 12 2015 Part 7 Reality bites 29 12 2015 Part 8 The method behind the madness 12 01 2016 Part 9 Join me in a buy to let fist pump 25

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/diary-of-a-buy-to-let-purchase-part-5-effing-bank-account/ (2016-02-16)
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  • Despite dip in monthly growth, house prices reach record high | Mortgages for Business
    to apply Types 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 Despite dip in monthly growth house prices reach record high 10 12 15 Written by Steve Olejnik November s house price index published today by LSL Property Services Acadata highlights a steady annual rise in house prices in England and Wales as figures reveal a 6 increase on November last year The data indicates that house prices grew by 16 466 between November 2014 and November 2015 equivalent to 45 per day This brings the average house price in England and Wales to 290 640 House prices rose to a record level despite a stumble in the monthly rate of growth in November which fell to 0 6 slower than the 0 9 monthly uplift witnessed in October The South East of England experienced the fastest growth in house prices displacing East Anglia which fell to second place while London dropped to fourth House sales fell by 15 in November similar to the decline that was recorded in November 2014 However total completed sales for the 11 months of 2015 are still 3 4 lower than the same period in 2014 Analysts are predicting a late winter surge in house sales caused

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/despite-dip-in-monthly-growth-house-prices-reach-record-high/ (2016-02-16)
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  • Mortgage lending rose by 11pc in Q3 | Mortgages for Business
    finance Bridging loans Refurbishment finance Auction Finance Residential mortgages Residential mortgages Rates Loans Fees How to apply Types 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 Mortgage lending rose by 11pc in Q3 09 12 15 Written by Jeni Browne New statistics from the Bank of England BoE and Financial Conduct Authority FCA reveal that mortgage advances increased by 11 year on year in the third quarter of 2015 Data from the Bank shows that residential loans rose to 62 1bn in Q3 2015 This is up from 52 5bn in the second quarter of 2015 and 55 9bn in the third quarter of 2014 It is said that the spike in demand has been driven by record low mortgage rates a result of increased lender competition and a continually low base rate The overall average interest rate on gross advances decreased in the third quarter of 2015 to 2 76 the lowest rate since the series began in 2007 It is thought that the proportion of gross advances at fixed rates increased by 1 8 in Q3 due to threats that Bank Rate might increase sooner rather than later Gross advances above 90 LTV have dropped on a quarterly basis by 0

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/mortgage-lending-rose-by-11pc-in-q3/ (2016-02-16)
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