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  • Paragon launches enhanced product for professional landlords | Mortgages for Business
    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 Paragon launches enhanced product for professional landlords 15 10 15 Written by Jenny Barrett Buy to let lender Paragon Mortgages has launched a new product range for top end professional landlords with larger scale portfolios The new range Paragon Premier will be available through an exclusive distribution network and features enhanced criteria and specific features designed for limited companies Paragon Premier will offer a range of lifetime trackers starting at 4 three year fixes starting at 3 55 and five year fixes at 4 50 The new range will include loan to values of up to 80 John Heron managing director Paragon Mortgages said These new products are designed for top end professional landlords specifically those that hold their portfolios in special purpose companies As this is a pilot scheme for more complex buy to let cases we are working with a limited number of specialist intermediaries with a proven track record in the market Whilst we have been working on this development for some time we do expect that interest in the scheme will be boosted by the proposals to limit landlord tax relief in the Summer Budget This latest

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/paragon-launches-enhanced-product-for-professional-landlords/ (2016-02-16)
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  • What happens when the leaseholder owns the freehold? | Mortgages for Business
    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 What happens when the leaseholder owns the freehold 14 10 15 Written by David Whittaker Some lenders have found a way to mitigate risk where the leaseholder owns all or a controlling share of the freehold If you were a buy to let lender would you lend on a property where the mortgage applicant owned the leasehold and all or a controlling share of the freehold Technically the law prevents this from happening freeholds and their leaseholds must be owned by separate legal entities However there is nothing to stop someone from owning a freehold in say a limited company and then owning the leasehold personally Many lenders will not accept this scenario which is a challenge for brokers as we have seen an increase in this type of case Anecdotally the increase is happening because of a perception among many investors that creating leaseholds enhances the value and or return on the property more than renting out the entire property on a multi unit freehold basis Whether this is true probably depends on individual circumstances The sticking point for lenders is that should they need to repossess the leasehold property the freeholder could make it very difficult to achieve an onward sale For example they could raise ground rents or service charges to an unacceptable level because they feel disgruntled You would think that where the leaseholder has a non controlling share of the freehold the potential lender would not have a problem and for the most part you would be right However there are some instances where this is not the case for example if the freehold is owned by someone who is married to the leaseholder This is likely to be a no no for lenders because the freeholder may help out the leaseholder should the leasehold property be repossessed Lenders would expect their solicitor to pick up this type of relationship in a Land Registry search during the application process Fortunately some lenders have found a way to mitigate their exposure to risk where the leaseholder owns all or has a controlling share of the freehold and so are willing to lend BM Solutions for example has recently clarified its policy it will lend as long as it can take a charge on the freehold as well as on the leasehold Brokers have been asked to add notes to the application advising if this is the case Aldermore has never had a problem with these cases and like BM Solutions applies a similar charge to both freehold and leasehold Other lenders that do not accept these cases include The Mortgage Works and TSB Moving on last week we published our latest Complex Buy to Let Index Q3 2015 The results revealed several

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/what-happens-when-the-leaseholder-owns-the-freehold/ (2016-02-16)
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  • Precise Mortgages loosens lending criteria, while peer to peer lender Landbay joins CML | Mortgages for Business
    Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Precise Mortgages loosens lending criteria while peer to peer lender Landbay joins CML 12 10 15 Written by Jenny Barrett Precise Mortgages has improved its buy to let criteria for landlords with multiple properties while Landbay announces that it is the first peer to peer lender to be invited to join the Council of Mortgage Lenders CML as a full member The changes to Precise Mortgages lending criteria will see a doubling of the number of loans landlords can hold with the lender to 10 Furthermore the maximum combined value of these loans has been increased by Precise from 2m to 5m Additional changes include the removal of the restriction on the number of loans larger than 1m loans available up to 80 LTV including new build flats and lifetime trackers and five year fixed rates with rental calculation based on pay rate Alan Cleary managing director of Precise Mortgages said As can be seen from our research many people use property as part of their retirement planning Our latest criteria changes will help landlords build their portfolios The private rental sector desperately needs additional housing stock so by enabling landlords to increase their portfolios these improvements also benefit tenants Meanwhile the fact that Landbay the peer to peer lending platform for buy to let mortgages has announced that it will be joining the CML as a full member is further evidence that innovative fintech businesses are becoming a fundamental part of the UK s financial services sector This new affiliation will greatly benefit Landbay giving it access to the CML network which is to assist the lender in maintaining industry best practice in all elements of

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/precise-mortgages-loosens-lending-criteria-while-peer-to-peer-lender-landbay-joins-cml/ (2016-02-16)
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  • Bank of England votes to leave interest rates unchanged at 0.5% | Mortgages for Business
    target and help sustain growth and employment Following a meeting this week the Bank of England s Monetary Policy Committee MPC voted to maintain the current Bank Rate of 0 5 in order to meet the 2 inflation target and help sustain growth and employment In a statement released yesterday the Bank of England reported that Consumer Price Inflation CPI was zero in August well below the 2 target With inflation below the target and the likelihood that at least some spare capacity remains in the economy the MPC intends to set monetary policy so as to ensure that growth is sufficient to absorb any remaining underutilised resources That will support domestic cost growth and is necessary to ensure that inflation is on track to return sustainably to the 2 target rate within two years said the Bank The Committee s forthcoming Inflation Report is to be released in November and will set out a detailed assessment of the outlook for the economy The outlook for growth however continues to be characterised by a number of opposing influences On the one hand UK private final domestic demand and consumer spending in particular has been resilient On the other hand the on going fiscal consolidation has had a restraining influence on activity and global growth has continued at below average rates Similarly the outlook for inflation in the medium term will reflect the balance of two opposing forces the extent to which domestic costs pressures build set against any persisting external disinflationary pressure The most recent official estimates and survey data are consistent with a gentle deceleration in UK output growth since its peak at the beginning of 2014 There is increasing evidence officials say of developing capacity pressures in some segments of the economy and of labour skill shortages in

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/bank-of-england-votes-to-leave-interest-rates-unchanged-at-05/ (2016-02-16)
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  • September house sales strongest since 2007 | Mortgages for Business
    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 September house sales strongest since 2007 08 10 15 Written by Simon Whittaker Data released today by the LSL Property Services Acadata House Price Index reveals that house sales were at an eight year high last month with September 2015 registering as the strongest month since 2007 The latest figures show that this increase in sales was driven by a surge of activity in the north as lack of supply slowed sales in the south The North and North West of England saw the biggest year on year increase in property sales in the three months to August 2015 while East Anglia London and the South East experienced the greatest annual falls But figures also indicate a southern resurgence in price growth with the South East seeing the strongest year on year rise of any region London recorded its biggest monthly price boost since June 2014 demonstrating that the capital s housing market is firmly back on track The House Price Index points to a rise of 11 500 4 2 in overall average house prices across England and Wales after 42 months of annual growth This growth was underpinned by the lower end of the property market as the most frequently paid property price across England and Wales was 125 000 the cut off point before stamp duty is charged In September 2015 the average house price in England and Wales was 284 742 taking property values to the ninth consecutive record this year Adrian Gill director of Reeds Rains and Your Move estate agents said The speed of house price

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/september-house-sales-strongest-since-2007/ (2016-02-16)
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  • Council of Mortgage Lenders reports drop of 16% in interest-only loans | Mortgages for Business
    10 15 Written by Jenny Barrett Latest figures from the Council of Mortgage Lenders CML show a 16 decline in interest only loans Approximately 1 9 million pure interest only mortgages were reported as outstanding by CML members at the end of 2014 along with about 460 000 part interest only mortgages Compared to a year earlier this is around 300 000 fewer pure interest only mortgages and 160 000 fewer part interest only mortgages These figures were released as the CML announced how it has made good progress checking that borrowers with interest rate mortgages have plans for how they will repay their loans at maturity Paul Smee CML director general said The continued decline in interest only mortgages outstanding confirms our perception that many borrowers are firmly on top of this issue and successfully making plans to manage their loans to ensure they are not faced with a payment shortfall at maturity However speaking on the subject lately Jeni Browne head of regulated and buy to let lending at Mortgages for Business noted that a couple of very major players have actually reviewed their stance on interest only mortgage lending recently Natwest for example has gone from no interest only borrowing at all to offering it at 75 LTV albeit with some fairly stringent eligibility points Browne believes that there are several reasons behind this shift not least the desire to increase market share by making lending more attractive with the offer of interest only The fact that the CML has reported that the number of interest only mortgages has fallen substantially recently indicates that borrowers are indeed becoming more attuned to the fact that an interest only mortgage will eventually need to be repaid and thus lenders are feeling a little more comfortable with this as a

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/council-of-mortgage-lenders-reports-drop-of-16-in-interest-only-loans/ (2016-02-16)
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  • Vince Cable comes out in support of Chancellor’s crackdown on Buy to Let market | 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 Vince Cable comes out in support of Chancellor s crackdown on Buy to Let market 02 10 15 Written by Jenny Barrett Vince Cable has openly supported Chancellor George Osborne s decision to tighten up mortgage tax relief for buy to let landlords stating that further restrictions to landlords tax incentives are very likely Speaking at the Association of Short Term Lenders Conference 2015 the former secretary of state for business innovation and skills said that he was an advocate of the Financial Policy Committee s FPC stance on the current buy to let market and their concern that excessive buy to let may hinder the stability of the UK housing market The amount of tax relief that buy to let landlords can claim back is to be cut be from 45 to 20 for top rate tax payers starting from 2017 to 2020 Cable said I think my former colleague George Osborne has done the right thing which is to tighten up tax relief There is absolutely no justification for giving preferential tax treatment to borrowing for buy to let as opposed to borrowing for other forms of investment It s now as you know being reduced to the standard rate I would be surprised if they don t tighten it up further He added The returns on buy to let over the last five years relative to investing in equities are staggeringly high which is an obviously inducement to get into it I do share some of the concerns from the FPC about the potential risks to the sector because if we do get a downturn

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/vince-cable-comes-out-in-support-of-chancellor-s-crackdown-on-buy-to-let-market/ (2016-02-16)
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  • Important compliance deadlines for landlords | Mortgages for Business
    0845 345 6788 Share News Insight Important compliance deadlines for landlords 01 10 15 Written by Jenny Barrett Landlords have been warned to ensure their tax affairs are in order by 5 October and that properties meet legal requirements for smoke alarms by 1 October in order to avoid potential fines New landlords are reminded not to miss the 5 October deadline for self assessment or risk incurring a fine Any landlord who has received a rental income of more than 2 500 not profit made in the tax year to 5 April 2015 must be registered with HMRC If landlords fail to register by this time and do not submit a tax return by 31 January 2016 or 31 October 2015 for paper tax returns they will be liable to pay fines issued by HMRC The fine is currently set at 100 for a late tax return of up to 3 months and rises if the tax return is later still Landlords with a rental income of less than 2 500 and who are either working or in receipt of a pension income will have their situation dealt with via the PAYE system Landlords registered by 5 October 2015 need to submit their tax return for submission of the 2014 15 by 31 January 2016 31 October 2015 for a paper tax return or three months from the date on which HMRC issue the notice to submit a tax return Tom Lacey chartered tax adviser at Moore Blatch said Many new landlords may not be aware that they must register for self assessment and failure to do so can create significant financial penalties Online registration is quite a simple process and for anyone who needs more help you should speak to an accountant or tax adviser Another compliance deadline

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/important-compliance-deadlines-for-landlords/ (2016-02-16)
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web-archive-uk.com, 2018-01-19