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  • Foundation Home Loans moves into limited company buy to let mortgages | Mortgages for Business
    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 Foundation Home Loans moves into limited company buy to let mortgages 17 11 15 Written by Jeni Browne After a successful trial period Foundation Home Loans has rolled out a range of buy to let mortgages for SPV limited companies We are delighted that Foundation Home Loans has begun offering buy to let mortgages to Special Purpose Vehicle limited companies After Mr Osborne s announcement in the Summer Budget regarding tax relief restrictions on financial costs for higher tax rate paying landlords we have seen a huge uplift in the number of landlords seeking finance through an SPV rather than individually and thus another player to the market is a huge positive for borrowers Foundation has rates starting at 4 19 fixed for 2 years 5 9 APR with the added bonus that its products come with a flat arrangement fee of 1999 most of its counterparts are charging fees as a percentage thus making the Foundation offering very competitive Its lending criteria is also very attractive here are some points which I want to share with you First time landlords are acceptable No minimum income requirement for directors of the Ltd Co Happy to accept a property being sold from an individual to their Ltd Co with a director s loan forming the deposit No restriction on the number of properties in the background for either the Ltd Co or the directors Can lend up to the eldest director s 85th birthday Lending across all of

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/foundation-home-loans-moves-into-limited-company-buy-to-let-mortgages/ (2016-02-16)
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  • Half of UK landlords looking to sell motivated by changes in tax relief | Mortgages for Business
    their properties are doing so because of the changes to buy to let tax relief announced in the summer research from Your Move and Reeds Rains has shown Rent rises may slow to 1 4 over the next year landlords have predicted If these predictions are correct this would be a significant slow down from current levels given that the latest Homelet Rental Index recorded rents as rising by 7 5 in London and 3 5 outside Conversely demand continues to be as strong as ever with over half 52 of landlords experiencing increased tenant demand in the last three months Similarly more than a third 35 of landlords said they raised rents due to strong competition from tenants for each available property Adrian Gill director of Your Move and Reeds Rains said Landlords could be forgiven for feeling a little deflated at the moment and its worrying to see this may motivate many to reconsider their investment The government s tax changes appear to be making investing in buy to let less attractive because of the seemingly smaller profits margins on offer in the future If a 10th of landlords do decide to leave the industry this would seriously shrink the number of properties available for tenants At a time when tenant demand is only rising shorter supply will only translate into increased rents This may mean landlords are underestimating the likely pace of future rent rises The government needs to cut the red tape involved in providing homes for renters if they hope to maintain a healthy supply of rental properties With the Bank of England keeping a wary eye on the buy to let market further regulatory interference may only make landlords and tenants lives harder We need landlords to stay in the market and invest further

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/half-of-uk-landlords-looking-to-sell-motivated-by-changes-in-tax-relief/ (2016-02-16)
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  • Little change in development land prices but sentiment remains positive | Mortgages for Business
    land values grew 0 2 in Q3 2015 a much slower rate than the 3 7 rise experienced in the previous quarter Exceeding both greenfield land and residential land in London annual growth for urban development land stands at 7 2 There has been little change in development land prices in the last quarter due to house builders having enough consented land for their needs in the short term and continued pressure on build costs the report states Residential development land values in London have not changed in the six months since March 2015 although sentiment is said to remain positive and sites continue to attract a high number of bids Land outside central London has seen more attention as house builders and developers look for opportunities to seek better development margins and to provide homes in markets with greater depth of demand Savills report continues Stronger growth was apparent in the value of development land being used for other purposes Land used for hotels increased by 2 2 and land for offices increased by 6 4 over the six months to Q3 2015 closing some of the gap with residential values The report attributes a relatively active office market where there is demand for new and refurbished space from both occupiers and investors as the reason behind the growth in this area This is particularly true in the core central London office market as a result of rising demand and a lack of stock However we expect to see more developer interest in 2016 in edge of City locations states the report Turning to the wider picture Savills research reviews the factors contributing to the flattening of development land values and the more neutral sentiment for greenfield land across the UK Firstly many house builders have acquired enough consented land for their needs in the short term the listed house builders have on average 5 3 years worth of land to build out at existing build rates before accounting for controlled growth in volume from these levels That said the report highlights that location still matters and that demand continues to be strong for land in markets with links to large centres of employment where there is a scarcity of sites Secondly the report cites findings from the Home Builders Federation survey which reveal that the availability of labour continues to be a major constraint Thirdly build costs have continued to rise 5 4 in the year to Q3 2015 according to the Building Cost Information Service and lastly recent policy announcements have led to uncertainty in the industry Despite this sentiment for urban land remains unchanged according to our survey of Savills agents the balance of opinion stands at 59 The positive sentiment and price growth for urban development land reflects an improving market recovering from a lower base which is a more positive environment for new policies designed to bring forward additional brownfield land the report summarises With regards to tenures development for alternative tenures is in

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/little-change-in-development-land-prices-but-sentiment-remains-positive/ (2016-02-16)
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  • Policy changes to affordable housing and buy to let impact land market | Mortgages for Business
    Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Policy changes to affordable housing and buy to let impact land market 13 11 15 Written by Jeni Browne New research shows that many policy changes have already had an effect on the housebuilding sector with experts advising that the full scale of the impact on some sectors is not yet clear The latest report from Savills estate agents entitled UK Residential Development Land advises that the limit on mortgage interest relief for buy to let investors will restrict the expansion of these investors portfolios and that there is some evidence that this is having an effect in the new build markets although the scale of the impact is yet unknown Citing the findings from a recent Home Builders Federation survey the report from Savills notes that the number of investors for buy to let making reservations on new build sites fell in August of this year and to a greater degree than for first time buyers and home movers especially in London The Chancellor s cuts to affordable housing rents of 1 each year for the next four years from April 2016 instead of an increase of Consumer Price Index 1 per annum is also highlighted as having an impact on housing development Housing associations are offering to pay less for Section 106 housing on development sites and are likely to build fewer homes for sub market rent than previously planned the report states The government s introduction of Starter Homes as a replacement for affordable rented homes is said to be the latest strategy to turn generation rent into generation buy but as Savills report states it is not without risk While it is

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/policy-changes-to-affordable-housing-and-buy-to-let-impact-land-market/ (2016-02-16)
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  • Foundation Home Loans unveils new semi-exclusive buy to let range | Mortgages for Business
    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 Foundation Home Loans unveils new semi exclusive buy to let range 11 11 15 Written by Steve Olejnik Foundation Home Loans has chosen Mortgages for Business to market its brand new semi exclusive range of buy to let products Launched today the latest products from Foundation Home Loans are available for purchase and remortgage and can only be accessed through a select few brokers including Mortgages for Business The new range includes fixed rate options of two three and five years for 65 and 75 LTVs as well as variable rates from 3 31 The new 65 LTV products include a two year fixed rate of 3 44 a three year fixed rate at 3 74 and a five year fixed rate at 4 29 The 75 LTV fixed rates start at 3 69 for two years 3 89 for three years and 4 39 for five years Other features include a free property valuation free legals up to 399 no early repayment charges and an arrangement fee of 2 which can be added to any loan up to 80 LTV Paul Brett business development director at FHL said This package is designed to accommodate a wide range of landlord requirements From those who want to lock into attractive rates ahead of an expected rate rise first time landlords taking their first steps on the BTL ladder and more experienced practitioners wanting to keep upfront costs

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/foundation-home-loans-unveils-new-semi-exclusive-buy-to-let-range/ (2016-02-16)
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  • Setting up an SPV Limited Company | Mortgages for Business
    company to be an SPV Special Purpose Vehicle Jeni explains what one is and how to get one In the mortgage world a Special Purpose Vehicle limited company is a company which is set up just to hold property and do nothing else Buy to let lenders offering mortgages to corporate vehicles mostly prefer SPVs to trading limited companies because they are easier and quicker to understand and underwrite Many more landlords are now considering purchasing rental property via an SPV limited company because it could become more tax efficient if proposed changes to tax relief on finance costs for individual landlords are phased in Currently there are around 120 buy to let mortgage products on offer to SPV limited company borrowers and that proportion continues to grow As you can imagine we now frequently get asked how one goes about setting up an SPV The honest answer is that it is very simple and is no different to setting up any other company You can either ask your accountant or go online An SPV limited company costs about 50 If you buy one online it will take just a few minutes and as long as you intend to use the company just for property letting going forward this would be an SPV there is nothing more complicated to it For those who already have companies and are wondering whether this would meet the SPV criteria here is what the lenders like to see SIC code for letting property No sign of any revenue through the company of anything other than letting property If the company has traded in another field in the past some of the lenders will still lend to the company as long as this is historic the company has the right SIC code and the accountant

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/setting-up-an-spv-limited-company/ (2016-02-16)
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  • Stricter buy to let stress test to be introduced by BM Solutions on loans above 65% LTV | 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 Stricter buy to let stress test to be introduced by BM Solutions on loans above 65 LTV 10 11 15 Written by Jenny Barrett BM Solutions is increasing the notional stress rate used in the rental assessment for buy to let and let to buy applications BM Solutions current rental calculation is based on 125 of the mortgage interest at the initial pay rate or 125 at a notional rate of 5 whichever is higher As from 22 November however the lender is to introduce a notional stress rate of 5 49 for loans above 65 LTV In addition a stress rate of 4 99 will be used where the LTV is less or equal to 65 This rate also applies to applications for a five year fixed rate whatever the LTV Phil Rickards head of BM Solutions says In order to provide first class products and service to borrowers we monitor our criteria and processes continuously This change ensures landlords have sufficient rental coverage for their buy to let mortgage Importantly there s no change to the application process and the calculations will be made automatically However in a rapidly changing environment we want to give advisers as much notice as possible Jeni Browne head of regulated and buy to let lending Mortgages for Business says As a company we continue to encourage landlords to consider five year fixed rates when looking at their mortgage options as this will provide a safeguard against rate rises

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/stricter-buy-to-let-stress-test-to-be-introduced-by-bm-solutions-on-loans-above-65-ltv/ (2016-02-16)
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  • Past decade has seen one million owner-occupied homes switch to lettings | Mortgages for Business
    the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Past decade has seen one million owner occupied homes switch to lettings 09 11 15 Written by Jenny Barrett New research shows that one million homes which were owner occupied in 2005 are now owned by a landlord This accounts for half of the growth in rented stock since 2005 In the same period over two million homes have changed tenure when taking into account all property sales between owner occupiers and landlords the research from Countrywide plc reveals Some 1 550 000 properties have gone from being lived in by their owner to being lived in by a tenant There has been movement the other way too with 550 000 properties moving from the private rented sector into owner occupation The result an extra million homes are now occupied by a tenant rather than homeowners equivalent to the number of households in the North East of England This transfer of owner occupied homes into the private rented sector accounts for half of the growth of rented stock The remaining growth can be accounted for by landlords buying newly built homes Since 2005 700 000 new homes have become part of the the private rented sector while residential conversions and social housing account for the remaining homes which have changed tenure Even so homes are only half as likely to change tenure as people 65 of homes that leave the private rented sector are picked up by first time buyers Over the past twelve months 15 of first time buyers climbed on to the housing ladder in this way That is the equivalent of 45 000 first time buyers buying their new homes from a landlord which is the largest figure since the 2008 downturn Landlords and first time buyers are more likely to be on the look out for smaller cheaper properties hence the fact that they often find themselves in competition with one another Consequentially they are disproportionately likely to buy and sell from one another London and the South East are the two regions where the private rented sector is most buoyant It is therefore in these areas where first time buyers are more likely to purchase an ex rental property One in five new buyers in London and one in six in the South East bought a home which had previously been rented out It is also in these two regions where the difference between what new buyers paid when buying from a landlord and those that didn t is greatest On average those buying from a landlord paid 8 less than those that didn t Johnny Morris director of research at Countrywide said The rapid growth of the private rented sector has to come from somewhere while the tenure may change the physical home remains The sector has been growing since 2005 but the number of homeowners has fallen in each of the past 10 years This scale of shift

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/november-2015/past-decade-has-seen-one-million-owner-occupied-homes-switch-to-lettings/ (2016-02-16)
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web-archive-uk.com, 2017-12-13