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  • Very popular buy to let mortgage about to be withdrawn | Mortgages for Business
    very popular product will be withdrawn on Monday 30th November 2015 It s very unusual for a buy to let lender to give us reasonable advanced warning of a rate withdrawal but a lender has done just that on one of its most popular limited edition products This semi exclusive product which will be withdrawn on Monday 30th November 2015 is 3 99 4 2 APR fixed for 5 years It has some pretty good features Up to 80 LTV Remortgages only Loans up to 1m No credit scoring each case individually assessed No portfolio restrictions professional landlords and property developers welcome Max age 79 at application 85 at end of term Don t have to be residential home owners if they already own a buy to let Will lend above commercial properties up to 75 max 60 if above fast food outlets Full product details can be found below Why is it so popular The rent to interest RTI cover calculation is a very generous 125 3 99 pay rate This is equivalent to a huge 240 x monthly gross rent which means that investors can borrow more than on most other products the average RTI is normally 125 5 00 Recently many lenders have revised their rent stress tests upwards so it is particularly disappointing that this rate is about to go What to do if you want this rate You will need to act very quickly If you are interested in this rate do get in touch today as we will need to get a fully packaged application into the lender by Friday 27th November 2015 The rate is from intermediary only lender Aldermore Mortgages As a semi exclusive offering this product is only available via a limited number of brokers including Mortgages for Business My direct line is 01732 471608 or you can speak to any of my colleagues on 0845 345 6788 Get a personalised quote for this product now Often lenders do not give us much or any advanced warning of product withdrawals Not so long ago I submitted a buy to let mortgage application for a particular rate to a lender on behalf of a client When the offer came back the client noticed that the product was completely different Not only was it different it was not anywhere near as competitive as the original one I contacted the lender and was told that the product we had been withdrawn on the day we submitted the application so they substituted another in its place Nice of them to tell us not Naturally I complained and after a bit of jostling the lender offered the client a product that was actually much more competitive than the original rate she had chosen so it all turned out well in the end Why are products withdrawn Lenders allocate tranches of funds for particular products When the tranche has been used up the products are withdrawn Usually new products are introduced on a fresh tranche of funds

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/very-popular-buy-to-let-mortgage-about-to-be-withdrawn/ (2016-02-16)
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  • Buy to let lending booms at Paragon | Mortgages for Business
    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 Buy to let lending booms at Paragon 24 11 15 Written by Jeni Browne Paragon Mortgages parent company Paragon Group has reported a 10 2 rise in profits with buy to let lending doubling in the year to 30 September 2015 Published this morning the group s annual results show that buy to let lending totaled 1 33bn during the 12 month period This is a 102 increase on the 657m figure recorded the previous year New buy to let business at Paragon Mortgages accounted for 977m this year up from 656m last year while Paragon Bank reported 350m of new buy to let lending In addition the pipeline of new applications further demonstrates the growth in business as at 30 September this stood at 714m compared with 415m at the same point in 2014 Paragon director of mortgages John Heron said Access to retail markets through Paragon Bank has provided the group with a material diversification of funding This has helped facilitate a step change in buy to let lending driven by a significant broadening of our product range and a more consistently competitive position for both large scale professional landlords and smaller scale property investors

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/buy-to-let-lending-booms-at-paragon/ (2016-02-16)
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  • Investing in buy to let: Trading Ltd Co’s versus SPV Ltd Co’s | Mortgages for Business
    to let Trading Ltd Co s versus SPV Ltd Co s 24 11 15 Written by Gary McKenna Gary McKenna consultant mortgage broker at Mortgages for Business explains the difference between a trading limited company and an SPV and examines the buy to let mortgage options available for both The number of investors opting to finance their buy to let through a limited company is on the rise Here are some answers to the most common questions I get asked by investors thinking of going down this route What is a trading limited company A trading limited company is a legal structure set up to run a business The company takes responsibility in its own right for everything it does and its finances are separate from your personal ones Owners of a private limited company are legally responsible for its debts only to the extent of the amount of capital they have invested As the trading suggests these companies are active trading vehicles Here is an example of someone who uses their trading limited company to invest in property An IT consultant sets up a private limited company He uses the company to run his IT consultancy He also uses the company to invest in buy sell and rent out buy to let property What is an SPV limited company A Special Purpose Vehicle SPV limited company is a non trading company that exists solely for buying selling and letting property Here is an example of someone who uses their SPV limited company to invest in property An IT consultant sets up a limited company from which to run his IT consultancy Separately he also sets up an SPV limited company from which to buy sell and rent out buy to let property For tax and accounting purposes the operation of and income from both companies are separate Which one should you use to get a buy to let mortgage From a lender s perspective applications from SPVs are quicker and more straightforward to underwrite than applications from trading limited companies which require a greater level of understanding by the individual underwriter Because of this there are more options available for SPVs and the pricing tends to be lower so personally I would urge those looking to invest in buy to let property to do so through an SPV rather than a trading limited company Saying this there are still good options for trading limited companies although to achieve the competitive rates your business will need to be strong financially and have at least two to three years of accounts With either option lenders will require full personal guarantees from all of the directors As I write 23rd November 2015 there are currently 95 products available to SPV limited companies and 10 products available to trading limited companies equating to around 10 of the entire buy to let market In my opinion this figure is only set to rise with more and more landlords now looking to borrow via a

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/investing-in-buy-to-let-trading-ltd-co-s-versus-spv-ltd-co-s/ (2016-02-16)
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  • Hidden fees a thing of the past, as lenders agree to simplify jargon | 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 Hidden fees a thing of the past as lenders agree to simplify jargon 23 11 15 Written by Jeni Browne House buyers could save thousands as a new tariff of mortgage charges is launched introducing a standard format for how lenders communicate fees The majority of banks and building societies have agreed to use the same names for fees and will list the charges in the same order to make it easier for house buyers or people looking to remortgage to compare products The move follows a campaign by consumer watchdog Which which warned that borrowers were paying over the odds for mortgages due to complex charges The campaign found that lenders frequently used the terms booking fee reservation fee and application fee when referring to similar things Research linked to the campaign revealed that a house buyer with borrowings of 100 000 over two years could save 1 503 if they were to take set up fees into account rather than pick the mortgage with the lowest interest rate More than 40 different types of fees were being charged in 2014 according to the research The new tariff is being launched by the Council of Mortgage Lenders CML which represents 95 of lenders and consumer organization Which Paul Smee director general CML said Lenders have successfully pulled together to put in place some sensible measures to help consumer understanding We very much hope that the new tariff and standard terminology will make it demonstrably easier to understand and compare mortgage costs Trials have already shown that borrowers find it much easier to compare costs under the new system So far 85 of lenders have signed up to the scheme and the CML is confident that others will join soon Following an initial request from Chancellor George Osborne asking the CML and Which to compare the costs of mortgages from different lenders a report outlining the effectiveness of the new system has been sent to the Chancellor s office and will be published in the Autumn Statement this Wednesday Building society Nationwide and major banks Barclays RBS and HSBC have all assisted in drawing up the reforms They have adopted simpler phrasing and will publish the new tariff on the websites by the end of the year Steve Olejnik sales director of Mortgages for Business said We really welcome the introduction of this new tariff Previously the wide range of fees and charges made it difficult for borrowers to compare products We ll be making sure we update the information we give to our customers in this regard On our website we already provide our customers with a list of the fees they can expect to encounter during the buy to let mortgage application process Mortgages for Business has long recognised that headline rates are not the whole

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/hidden-fees-a-thing-of-the-past-as-lenders-agree-to-simplify-jargon/ (2016-02-16)
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  • Council of Mortgages Lenders predicts first rate hike to be postponed until 2017 | Mortgages for Business
    by Steve Olejnik In its Market Commentary November 2015 published this week the Council of Mortgage Lenders CML states that the UK may not see its first rate hike until 2017 and estimates that gross mortgage lending was 21 8 billion in October nearly a fifth higher than a year ago While the report states that the economic picture for the UK continues to be relatively positive and that household incomes this year are experiencing their strongest growth in real terms since the crisis it goes on to say that Concerns about global prospects have materially lowered market expectations for interest rates in just a few months The Bank of England s monetary policy committee s MPC projections are based on the market implied path for bank rate and this now suggests a much more gradual pace of monetary tightening than it did in August In the face of global weakness the MPC judges that domestic demand needs such support to eliminate any remaining spare capacity in the UK economy and to bring consumer price inflation back up to its 2 target in two years the report states Near term housing sentiment will be boosted by the prospect that the first quarter percent rise in UK rates may be delayed until the second quarter of 2017 compared with the estimate of the third quarter of 2016 just a few months ago Turning specifically to mortgages CML s commentary highlights that fact that mortgage lending is now enjoying its strongest spell since the financial crisis and that annual growth in mortgage balances reached 3 for the first time since gross lending hit 23 6 billion in July 2008 In a separate report the CML estimates that gross mortgage lending was 21 8 billion in October 8 higher than September s lending

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/council-of-mortgages-lenders-predicts-first-rate-hike-to-be-postponed-until-2017/ (2016-02-16)
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  • Virgin Money and Precise unveil exclusive buy to let mortgages | Mortgages for Business
    Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Virgin Money and Precise unveil exclusive buy to let mortgages 19 11 15 Written by Jeni Browne In the run up to Christmas both Virgin Money and Precise Mortgages will be offering special deals on their buy to let mortgage ranges Virgin Money s range of new products which is available exclusively through intermediaries features buy to let mortgages at 75 loan to value with rates starting at 2 59 The 2 59 rate applies to a two year fixed mortgage with a 1 995 product fee and a two year tracker with a 995 fee Virgin has also launched a five year fixed rate mortgage at 3 65 with a 1 995 fee At the same time the lender has extended a current special offer giving landlords 750 cashback on all its buy to let intermediary exclusives These deals are available to both purchase and remortgage customers Peter Rogerson Virgin Money s commercial director for mortgages said We are delighted to continue to support the mortgage market through the introduction of competitive new intermediary exclusives for the buy to let sector Precise Mortgages latest product launch features limited edition buy to let products all with fixed fees The lender s new range of 75 loan to value buy to let exclusives starts at 3 39 with a two year tracker mortgage that comes with a 1 995 fee The range also includes a 3 49 lifetime tracker deal with a fee of 2 495 a five year fixed mortgage at 3 99 with a 1 995 deal and a two year fixed mortgage at 3 69 also with a fee of 1 995 In addition Precise Mortgages has

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/virgin-money-and-precise-unveil-exclusive-buy-to-let-mortgages/ (2016-02-16)
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  • New buy to let rates launched by Coventry and Metro Bank | Mortgages for Business
    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 New buy to let rates launched by Coventry and Metro Bank 18 11 15 Written by Jeni Browne Coventry for Intermediaries has launched its lowest ever buy to let mortgage rate while Metro Bank introduces a range for portfolios Coventry has reduced pricing across its Fixed and Flexx for Term buy to let product ranges which includes a 1 99 its lowest yet The 1 99 product is fixed until 31 January 2018 and is available up to 65 LTV Coventry s 75 LTV buy to let rate has also been cut from 3 39 to 2 85 The building society s Flexx for Term range of products is also benefitting from reduced rates Its 75 LTV product now stands at 2 95 reduced from 3 49 The product carries a 1 999 arrangement fee and no early repayment charges although it does allow borrowers to make certain over payments Darin Landon distribution director at Coventry BS said As always all of our buy to let products are booking fee free and include a valuation of up to 700 so this is the perfect time to secure a great buy to let deal with a highly competitive rate for your clients Meanwhile Metro Bank has unveiled a new Portfolio Buy to Let range which is available to professional landlords There is no cap on the size of the portfolio although customers can have a maximum of 25 mortgage properties with Metro Bank itself Loans are available up to

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/new-buy-to-let-rates-launched-by-coventry-and-metro-bank/ (2016-02-16)
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  • Ask Paul: How quickly can I get a buy to let mortgage? | Mortgages for Business
    to the lender If happy with the valuation the lender processes the application and may request further documentation from you the borrower If happy with the application the lender issues a formal mortgage offer outlining terms and conditions of the loan This is sometimes known as Heads of Terms If you are happy to proceed solicitors are instructed to complete the legal requirements You and the property vendor agree a date for exchange of contracts if this is a purchase If you are remortgaging a property your solicitor will now request funds from the lender Contracts are exchanged and deposit is paid after which point penalties are incurred for withdrawing and the completion date is agreed Completion takes place and you become the legal owner of the property and get the keys Your solicitor completes registration of the new on the title deeds At what stage of the buy to let mortgage process do you tend to see hold ups Of course each case is unique and often there are no hold ups at all however if there is a holdup it s generally after a DIP AIP has been processed Here s why Once we have processed a DIP AIP it is a bit of a waiting game Lenders work to different turnaround times and at this stage it is up to them to send through the next steps They will often ask you for further documentation and will also need to book in a valuation Another reason for a hold up may come down to the borrower not sending their documentation through when required And of course it s really important to remember to sign the application form You d be surprised at how many times this gets forgotten As a client is there anything I can do to speed up the process Try to supply all of the information and documentation requested by the lender ASAP Are some lenders quicker than others If so why Yes all lenders have different turnaround times for numerous reasons which can include their current workload experience and processes We track all of the buy to let lenders turnaround times so that we can give you an idea of what to expect when making an application Clients sometimes choose lenders with higher pricing but quicker turnaround times because it suits their circumstances What documents will I be asked for during the application process This differs from lender to lender but usually you will be asked for The completed and signed application form of course Proof of identity for each applicant a passport or driving licence is usually acceptable Proof of address for each applicant a utility bill bank or credit card statement dated within the last two months Evidence of your deposit e g bank or building society statement showing the build up of funds over a three month period including the source of any large credits to the account Proof of your annual income e g latest P60 and last three

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/ask-paul-how-quickly-can-i-get-a-buy-to-let-mortgage/ (2016-02-16)
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