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  • Equity release experiences biggest quarterly rise since 2004 | Mortgages for Business
    figures which reveal that total Q3 lending rose 21 year on year compared with 18 annual growth in Q2 and 3 in Q1 set a new lending record for a second successive quarter The number of new plans taken out in Q3 2015 exceeded 6 000 for the first time since Q4 2008 This represents a 12 increase on Q2 and is equivalent to 5m of housing wealth being accessed by the over 55s every day The volume of new plans was up 9 year on year this being the strongest figure of 2015 to date compared with 3 annual growth in Q2 and 2 in Q1 The increasing popularity of equity release which is being used by homeowners over the age of 55 to support their finances later in life has resulted in lending for Q1 Q3 2015 already exceeding the 2013 annual total 1 16bn vs 1 07bn These figures are within 220m of the record annual total of 2014 1 38bn Drawdown lending via lifetime mortgages hit 266 8m in Q3 rising 18 year on year from 231 6m thus reaching an all time high The value of lending via lump sum lifetime mortgages also increased by 18 year on year in Q3 2015 to reach 183 5m the largest figure since Q4 2006 204 7m Lump sum mortgages are popular with customers who have larger one off costs to cover such as clearing an outstanding mortgage or making home improvements Lending via home reversions also proved to be very popular and despite accounting for less than 1 of the total market this type of finance almost tripled from 632 647 in Q2 2015 to 2 37m in Q3 2015 Nigel Waterson chairman Equity Release Council said Appetite among over 55 homeowners for tapping into their housing

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/equity-release-experiences-biggest-quarterly-rise-since-2004/ (2016-02-16)
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  • Fee free BTL products increase | Mortgages for Business
    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 Fee free BTL products increase 28 10 15 Written by Jenny Barrett See the findings from our Q3 Buy to Let Mortgage Cost Index The number of arrangement fee free buy to let mortgage products rose in Q3 as lenders tried to find ways to compete without reducing rates which are already at an all time low The findings from the latest Buy to Let Mortgage Costs Index reveal that 17 of products in Q3 were offered without lender arrangement fees up from 13 in the previous quarter Flat fees fell slightly to 46 from 47 in Q2 Products with percentage based fees were the biggest losers dropping back to 37 of all BTL products compared to 40 in the previous quarter Charges lender arrangement fees valuation fees and legal costs have continued to have a declining impact on total costs On average they now add an additional 0 48 to the headline rate down from 0 52 in the previous quarter and down from 0 67 in Q1 2013 when the index was first launched This downward trend can now be seen even in high loan to value products which had previously seen rises up to 0 90 of the headline rate in 2014 In Q3 2015 the average impact of costs on these high LTV rates was down to 0 67 after three successive falling quarters The index also revealed that although absolute products numbers by initial term 1 5 year rates and loan term products have risen across all categories the market share of two year products has declined year on year from 54 in Q3 2014 to 43

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/fee-free-btl-products-increase/ (2016-02-16)
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  • InterBay introduces new fixed rate buy to let range | 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 InterBay introduces new fixed rate buy to let range 26 10 15 Written by Jenny Barrett InterBay Commercial has launched a new range of buy to let mortgages aimed at investors looking for longer term fixed rates Available up to 75 loan to value the new four and five year fixed rates are priced in two bands for loans above and below 500k and come with a reduced arrangement fee of just 0 25 of the loan amount for existing InterBay customers For borrowers with 35 deposit pricing for loans below 500k start from 5 60 for a four year fixed rate and 6 00 for a five year fixed rate Loans above 500k start from 5 30 for a four year fix and 5 70 for a five year fixed rate InterBay Commercial which is part of the OneSavings Bank Group is an intermediary only lender and can be accessed directly by Mortgages for Business Commenting on the range Andy Reid national key account and relationship manager at InterBay said These new fixed rate products provide wider choice to our partners giving additional options for their clients who are seeking the

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/interbay-introduces-new-fixed-rate-buy-to-let-range/ (2016-02-16)
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  • Osborne to grant FPC powers to intervene in buy to let market | Mortgages for Business
    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 Osborne to grant FPC powers to intervene in buy to let market 23 10 15 Written by Jenny Barrett Chancellor George Osborne has confirmed that he intends to extend the Financial Policy Committee s FPC existing powers on mortgages to include the buy to let market Last year the FPC was granted powers over the residential market to influence the interest rate stress test in an applicant s affordability assessment as part of the Mortgage Market Review It was also given permission to place restrictions on the proportion of mortgage loans held by a lender that are more than 4 5 times a borrower s income Over the past few weeks Head of the FPC and Governor of the Bank of England Mark Carney has repeatedly voiced concerns about the current buy to let sector s sensitivities to the booms and busts of the housing market Even so last month the FPC determined that there was no immediate case to take action on the market However when asked by Chris Philp MP for Croydon South this week during a Treasury Select Committee meeting whether he shared Mark Carney s concerns about the buy to let market Osborne concurred that he took Carney s views very seriously We have given the FPC powerful tools to for example tighten mortgage standards if they feel there s a credit bubble developing The governor of the Bank and the FPC have asked for additional powers

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/osborne-to-grant-fpc-powers-to-intervene-in-buy-to-let-market/ (2016-02-16)
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  • Report predicts growth of private rented sector, despite government imposing greater restrictions on buy to let sector | Mortgages for Business
    that despite the unfavorable policy environment imposed on the buy to let sector by the government the private rented sector PRS is set for expansion The report entitled Segmenting the UK mortgage market cites population growth and inadequate housing supply as the forces behind this expansion and states in the PRS the result of a less supportive policy environment can only be higher rents ironically hitting the tenants that politicians say they want to help IMLA s report shines a more positive light on the current situation for first time buyers with its research indicating that first time buyer mortgage affordability has never been better Despite the fact that house price to earnings ratio is currently at 4 0 for first time buyers high by historical standards this tranche of buyers is benefitting from a range of positive factors interest rates have fallen to new lows saving the average first time buyer 840 a year average earnings are rising at close to 3 while inflation is around zero providing an average benefit of 1 080 and the change to the stamp duty regime may save the average first time buyer 970 IMLA s findings reveal that the average first time buyer spent 10 2 of their income on mortgage interest in the second half of 2015 This is the lowest figure on record and less than half the proportion recorded at the end of 2007 However home mover transactions have not increased in line with first time buyer numbers according to the report Describing the situation as log jammed IMLA s research points to the baby boomer generation as the reason for this slow down With baby boomer homeowners who are now in their 50s and 60s moving less frequently the outlook for home mover transactions remains constrained until downsizing becomes a more appealing or accessible option which could be two decades away Despite favorable conditions the remortgage market has also remained subdued according to IMLA s research A modest recovery has taken place since 2010 but without gaining momentum However IMLA predicts that this may be changing as in Q2 2015 volumes were up 11 on the previous quarter to record the best performance since 2009 Conversely lifetime mortgages have been experiencing a slight resurgence as 2014 saw a 21 increase in lifetime lending volumes to 1 5 billion after an 18 rise in 2013 Furthermore the report states The pension freedoms implemented in April this year could alter perceptions in the lifetime mortgage market The changes bring pension pots into an individual s inheritable estate alongside housing wealth and other assets The purchase of an annuity is likely to come to be seen as far more corrosive to inheritable wealth than a lifetime mortgage The worst performing segment in IMLA s analysis was further advances Q2 s figure of 1 3 billion was still less than half the quarterly average of 2008 when the financial crisis was at its height The report states that the contraction in the

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/report-predicts-growth-of-private-rented-sector-despite-government-imposing-greater-restrictions-on-buy-to-let-sector/ (2016-02-16)
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  • HMRCs Twitter event fails to rouse landlords | Mortgages for Business
    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 HMRC s Twitter event fails to rouse landlords 21 10 15 Written by Jenny Barrett A Twitter Q A event organised by HMRC took place last night giving landlords an opportunity to get answers to their tax related questions Surprisingly the event turned out to be a damp squib with landlords failing to participate This morning we enquired about the session and HMRC responded tweeting MortgagesforBus Sorry for the delay in replying Due to the low number of questions asked we will not be producing a Q A document The only vocal landlord at the event was Vanessa Warwick founder of Property Tribes She tried to get the Q A going by tweeting UKLandlords HMRCCustomers Is this the end of BTL as we know it She went on to post a link to her predictions for the future of buy to let some of which made gloomy reading Despite a retweet and a few followers marking her tweet as a favourite no landlords joined the discussion Exasperated Ms Warwick tweeted her concern over the lack of participants Where

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/hmrcs-twitter-event-fails-to-rouse-landlords/ (2016-02-16)
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  • HMRC organises Twitter Q&A for landlords | Mortgages for Business
    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 HMRC organises Twitter Q A for landlords 20 10 15 Written by Jenny Barrett A Twitter Q A event aimed at landlords has been organized by HMRC and will take place on Tuesday 20th October 2015 HMRC on HMRCcustomers will be available between 6 to 7pm to answer landlords questions on current tax rules The HMRC Twitter only event is targeted at landlords and aims to help them understand their obligations and current regulation The event is to be held between 6pm and 9pm when representatives from the Association of Residential Letting Agents the Residential Landlord Association the Residential Letting Agents the National Landlord Association and Mydeposits will also be present to answer questions To get involved send your questions to the correct Twitter handle as listed below including the hashtag UKlandlords The full schedule for the evening is as follows 6 00 7 00 HMRC on HMRC customers will be answering questions on current tax rules for landlords 7 00 7 30 The Residential Landlord Association on RLA News will be answering questions around official documents each landlord needs 7 30 8 00 The Association of Residential Letting Agents on arla UK will be answering questions about dealing with letting agents 8 00 8 30

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/hmrc-organises-twitter-qa-for-landlords/ (2016-02-16)
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  • Tipton BS unveils new buy to let offering | 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 Tipton BS unveils new buy to let offering 16 10 15 Written by Jenny Barrett Tipton and Coseley Building Society has launched its new product range of buy to let mortgages with a variety of 70 LTV purchase and remortgage products now on offer The building society has entered the buy to let market with a range that includes a two year discount with an initial rate of 2 78 for new purchase This is a discount of 2 71 from the buy to let variable rate and has a 999 arrangement fee The new products are only available through intermediaries On offer from Tipton is also a remortgage deal which is a two year discount rate at 2 98 2 51 below its buy to let variable rate with a 199 booking fee and 799 arrangement fee This offer includes free standard legal fees and free standard valuation Richard Groom head of mortgage sales for Tipton said We re delighted to launch a new buy to let portfolio especially as research suggests that

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/tipton-bs-unveils-new-buy-to-let-offering/ (2016-02-16)
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