web-archive-uk.com


Web directory, archive
Search web-archive-uk.com:


Find domain in archive system:
web-archive-uk.com » UK » M » MORTGAGESFORBUSINESS.CO.UK

Total: 798

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • Bank of England cites buy to let boom as a risk to financial stability | Mortgages for Business
    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 cites buy to let boom as a risk to financial stability 02 12 15 Written by Jenny Barrett The Bank of England is ready to take action and use its powers to control buy to let lending if necessary so as to protect and enhance the UK s financial stability In its latest Financial Stability Report the Bank states that it will closely monitor the sector s activity following the cut to tax relief recently announced by the Chancellor Highlighting that lenders underwriting standards are under review the Bank advises that it will not look favourably on any relaxation of the lending criteria being offered by mortgage companies such as reducing the size of deposits or income requirements Last year the Financial Policy Committee FPC introduced regulations limiting the number of owner occupier mortgages worth more than 4 5 times the borrower s income and implementing stress tests on the borrower s ability to repay However new loans to buy to let investors are often subject to much less stringent affordability tests the report says The committee remains alert to the rapid growth of the UK buy to let market and potential developments in underwriting standards as the sector could pose a risk to broader financial stability the Bank of England says in its report The buy to let sector continues to drive growth in the UK mortgage market Since 2008 the sector has boomed the outstanding stock of buy to let lending has grown by 5 9 on average compared to 0 3 growth in the stock of lending to owner occupiers

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/bank-of-england-cites-buy-to-let-boom-as-a-risk-to-financial-stability/ (2016-02-16)
    Open archived version from archive


  • Diary of a buy to let purchase Part 1 It was that or a Range Rover | Mortgages for Business
    you know I only went and found a property and got my offer accepted This happened just yesterday 1 st December 2015 I have decided to write about my buying experience as a blog as for once I am not just the broker but the customer too and I thought it may be worth sharing my experience with you So just 24 hours in and today has been spent agonising over whether to buy in my own name or a limited company I have flittered between wanting to be tax efficient Ltd Co and can t be arsed with the hassle of being tax efficient and just buying in my own name I have played with tax calculators and I KNOW that I should buy in a company or face tax suicide but the thought of setting up a company new bank account etc feels like a LOT of hassle So under duress from the chaps in the office I am going down the limited company route pats self on back Setting up a limited company The first job was to set up the company It took me around an hour to summon up the gumption to crack on with this I may have tried bribing a few people in the office but they were having none of it And so aided by a coffee and a couple of digestive biscuits I sat down took a deep breath and got started I can t begin to explain to you how easy it was I went onto the Companies House website filled out some details which took 15 minutes 14 of which were spent deciding what to call the company these things matter right It really was a very simple process maybe 20 questions but nothing remotely tricky to answer At the end I paid 15 by PayPal to submit the registration and that was it By all accounts the next step is that within 48 hours they will be back to me to confirm that it s all been set up So far so good famous last words Nearly setting up a business bank account Next stop was the business bank account Queue lots of moaning from me about not having time to go and sit in a bank and go through all of that rigmarole However I did a quick recce and you can actually set these up online BUT you need the Ltd Co to be incorporated and have a company number so I have fallen at the first hurdle with this I will come back to this once Companies House have been in touch Engaging a solicitor The last job for today was to sort out a solicitor I am using Kent Reliance for my mortgage and they want their own solicitors to act for them which is not unusual for Ltd Co transactions and I also have to instruct my own solicitor to act for me Sound expensive I can confirm that it is The lender

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/diary-of-a-buy-to-let-purchase-part-1-it-was-that-or-a-range-rover/ (2016-02-16)
    Open archived version from archive

  • Capital Gains Tax and tax schemes - will they work? | Mortgages for Business
    sway any decision Investment Owner has full time paid employment not associated with the property Owner uses an agent to collect rents and manage the property Business Owner selects tenants himself Owner collects rents himself Owner undertakes minor maintenance work himself Owner employs staff to help manage the portfolio Owner can demonstrate that most of his income comes from the property properties Ultimately it would all depend on individual circumstances Capital Gains Tax payable If you are not in a position to obtain s 162 relief then your Capital Gains Tax on incorporation will be based on the capital profit you make on the sale of the property This is calculated as the difference between the cost of your property including Purchase price Stamp Duty SDLT paid on purchase Valuation and legal costs on purchase Any capital improvements but not like for like renewals or repairs and the net sales price i e after deducting from the actual sales price Estate Agents commission Legal costs of sale Any other costs incurred to facilitate the sale NB Financing costs are not an allowable deduction Net gains for the year on all sales of assets including shares are reduced by an annual exempt amount of 11 100 to arrive at the annual chargeable gain This is taxed alongside normal income if when net chargeable gains are added to taxable income after all allowable deductions this does not exceed the higher rate threshold of 31 785 the gains are taxed at 18 any excess is taxed at 28 CGT is currently reported to HMRC as part of the annual tax return in January following the end of the preceding tax year However in the Autumn Statement from April 2019 there will be a requirement to make an on account payment to HMRC within 30 days of the disposal Put simply for most BTL investors the vast majority of any significant gain after deducting the annual exemption of 11 100 is likely to be taxed at the rate of 28 Tax Schemes The massive amount of tax at risk for BTL landlords will cause many landlords to seek ways of mitigating this and doubtless there will be many advisers with varying credentials offering schemes to assist in this cause Even landlords that meet the criteria for s 162 rollover relief are faced with SDLT on the sale of properties to the limited company as well as costs of refinancing existing mortgages into new mortgages taken out by the limited company The only exemption from SDLT that I am aware of that is relevant here relates to the incorporation of existing partnerships whereby the ownership of the partnership is replicated by ownership of the shares in the limited company into which the properties are sold The beneficial effect of these provisions might tempt some sole traders to form family partnerships shortly before a proposed incorporation However where such arrangements are made HMRC is likely to be successful in invoking the general SDLT anti avoidance rules

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/december-2015/capital-gains-tax-and-tax-schemes-will-they-work/ (2016-02-16)
    Open archived version from archive


  • Cut to tax relief results in Barclays upping rental cover ratio | 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 Cut to tax relief results in Barclays upping rental cover ratio 01 12 15 Written by Steve Olejnik From 7th December Barclays Woolwich will increase its rental cover ratio from 125 to 135 for all new buy to let mortgage applicants As announced in the Summer Budget the government will phase out higher rates of tax relief over a period of four years when instead the basic rate of 20 will apply Barclays believes that landlords may incur higher costs as a result of this change in tax regime and has amended its affordability calculation accordingly In a statement Barclays said As a responsible lender Barclays wants to ensure that our aspiring landlord customers can afford the increase in tax liability once these changes come into force The increase in the rental cover ratio will ensure we protect our new customers as they look to invest in buy to let in the long term There will be no other changes to the affordability calculation The current affordability rate will remain at 5 79 Barclays changed its affordability criteria earlier in the year allowing applicants to use personal disposable income to make up any shortfall in rental cover calculation Jeni Browne Head of Residential and Buy to Let Lending Mortgages for Business said This may well be the the start of an industry wide shift in lending criteria and calculations It is prudent to prepare for the upcoming change to tax relief and we would advise buyers to seek professional advice before making any new commitments It is equally important to

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/cut-to-tax-relief-results-in-barclays-upping-rental-cover-ratio/ (2016-02-16)
    Open archived version from archive

  • Bank Rate needs to reach 3pc to adversely impact market say mortgage brokers | Mortgages for Business
    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 Bank Rate needs to reach 3pc to adversely impact market say mortgage brokers 30 11 15 Written by Steve Olejnik Survey finds that 53 of brokers believe that Bank Rate would have to hit 3 before the UK property market is negatively impacted Just under one in five brokers think an increase in interest rates to between 1 and 2 would be sufficient to damage the UK housing market the survey commissioned by United Trust Bank also revealed SME builders and developers were seen to be relatively secure as well the survey found that over two thirds 78 of brokers felt that an increase in Bank Rate to 1 would not have a detrimental effect on this type of business Noel Meredith executive director of United Trust Bank said What s interesting about the results of this survey is that the vast majority of brokers working with developers think that the Bank of England will need to increase its base rate to what many experts believe will become the new normal in order for it to have a negative impact on the property market We have become used to having very low interest rates and although an increase from 0 5 to 3 sounds like a big leap it s very unlikely to happen quickly and clearly many brokers feel that there s enough demand for the supply of new housing to keep buyers buying even if mortgages do become a little

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/bank-rate-needs-to-reach-3pc-to-adversely-impact-market-say-mortgage-brokers/ (2016-02-16)
    Open archived version from archive

  • New stamp duty calculator compares rates pre and post 1 April 2016 | Mortgages for Business
    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 New stamp duty calculator compares rates pre and post 1 April 2016 27 11 15 Written by Jenny Barrett Mortgages for Business has updated its residential property stamp duty calculator to help landlords compare rates of duty payable both pre and post 1 April 2016 The calculator was updated in response to the Chancellor s Autumn Statement announcement that purchases of buy to let and second homes would incur a surcharge of three percentage points Commenting on the update Steve Olejnik sales director at Mortgages for Business said The calculator will demonstrate how much landlords could save if they act now to get purchases completed before 1st April This is particularly important for those who are considering transferring their properties from individual ownership to a corporate vehicle It s going to be an expensive exercise anyway there s no point in making it worse In the Summer Budget Mr Osborne proposed to limit mortgage interest relief to 20 for higher tax rate paying individual landlords This has prompted many to make purchases and move their portfolios into SPVs because they are not affected by the relief cap Mr Olejnik continued There are only eight or nine buy to let lenders offering products to limited companies and as such they are likely to be swamped in the run up to the deadline Bearing in mind that the average processing time on a buy to let mortgage from application to completion is 6 8 weeks when things run smoothly landlords need to act NOW to ensure that they don t get held up in processing queues brought on by increased

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/new-stamp-duty-calculator-compares-rates-pre-and-post-1-april-2016/ (2016-02-16)
    Open archived version from archive

  • Three percentage point rise in stamp duty for buy to let and second homes | Mortgages for Business
    second homes 26 11 15 Written by Nick Helm In his Autumn Statement 2015 Chancellor George Osborne announced a stamp duty increase of three percentage points on purchases of additional properties such as buy to let and second homes and outlined other reforms that will affect the buy to let sector Effective from 1 st April 2016 the higher rate of Stamp Duty Land Tax SDLT will be 3 above current SDLT rates and will apply to the purchase of additional properties valued at more than 40 000 The purchase of caravans mobile homes or houseboats will be exempt from the higher tax bracket Speaking in the Autumn Statement Chancellor George Osborne said The government will use some of the additional tax collected to provide 60 million for communities in England where the impact of second homes is particularly acute The tax receipts will also help towards doubling the affordable house budget The statement said it would help first time buyers Before now SDLT applied to buy to let landlords on properties in England Wales and Northern Ireland priced above 125 000 The previous levy due on properties worth up to 125 000 was 0 2 on 125 001 250 000 5 on 250 001 1 5 million and 12 on properties priced at more than 1 5 million Robert Pullen tax manager at Blick Rothenberg LLP said Buy to Let purchases from April 2016 will suffer an additional three per cent stamp duty This is likely to cause an initial spike in house prices as investors rush to buy but the long term impacts are not known It could result in even larger rent costs as landlords seek to recover the new tax Following on from the announcement this week by the Council of Mortgage Lenders CML and Which

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/three-percentage-point-rise-in-stamp-duty-for-buy-to-let-and-second-homes/ (2016-02-16)
    Open archived version from archive

  • NatWest raises loan to income cap on loans under 85% LTV | Mortgages for Business
    Bridging short term 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 NatWest raises loan to income cap on loans under 85 LTV 25 11 15 Written by Jeni Browne Just six weeks after cutting them NatWest Intermediary Solutions has increased its maximum loan to income LTI caps on residential loans under 85 LTV NatWest reduced its maximum LTI on loans of 75 LTV or less from 4 99 to 4 45 times income in October this year Loans that fell between 75 01 and 85 LTV were reduced from 4 49 to 4 45 As from today however the following now applies loans of 75 LTV or lower will have a maximum LTI of 4 85 loans between 75 and 85 LTV will have a maximum LTI of 4 75 and loans of up to 90 LTV will remain at 4 25 LTI The new LTI caps are effective as from today All loans submitted yesterday will be subject to the old LTIs A note to brokers from NatWest Intermediary Solutions said We use a number of measures to assess customers affordability through our online

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/natwest-raises-loan-to-income-cap-on-loans-under-85-ltv/ (2016-02-16)
    Open archived version from archive



  •  


web-archive-uk.com, 2017-12-19