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  • Landlords’ mortgage options jump to new record even as yields stall | Mortgages for Business
    options jump to new record even as yields stall 01 10 15 Written by Jenny Barrett The number of available buy to let mortgage products has leapt in Q3 according to the latest Complex Buy to Let Index from specialist brokers Mortgages for Business Landlords now have the widest choice of mortgage options on record approaching 1 000 As of Q3 2015 the number of buy to let mortgage products on the UK lending market stands at 953 The figure marks an 11 increase since Q2 when the average number of mortgages on offer to landlords stood previously at 861 On an annual basis this represents an increase of 35 compared to Q3 2014 when there were just 707 different buy to let mortgages to choose from Yields slide while property prices rise Standard vanilla buy to let properties already offer the lowest gross yield to landlords but this has now dropped 0 8 percentage points in the space of three months to the psychologically important level of 5 0 On an annual basis yields on vanilla properties have fallen further by 0 9 percentage points since Q3 2014 Similarly between Q2 and Q3 2015 the yield on a multi unit freehold blocks MUFBs fell by a percentage point from 7 1 to 6 1 Compared to a year ago when the average MUFB yield was 8 6 in Q3 2014 yields for such properties have seen a 2 5 percentage point tumble However at 6 1 the absolute level remains considerably higher than for vanilla properties Houses in multiple occupation or HMOs have seen yields perform comparably well Between Q2 2015 and Q3 2015 HMO yields fell by only 0 1 percentage points from 9 1 to 9 0 As well as more modest yields overall this means the spread between the lowest yielding property type vanilla and the highest yielding HMOs has widened to 4 0 percentage points David Whittaker managing director of Mortgages for Business comments The number of new mortgages coming onto the market has rocketed in recent months There is huge interest in mortgages suitable for limited companies as landlords take advice from their accountants Meanwhile as rents fail to keep pace with racing property prices yields are continuing to plateau Returns on vanilla buy to let have now fallen to the 5 mark Landlords with reasonable borrowing costs and a strong portfolio of these sorts of properties will still be making a solid income from such investments but this changes the case for those considering new purchases With average yields on HMOs still nearer 10 more complex property types are likely to attract a growing portion of new investment Remortgaging the priority for most landlords Remortgaging has outperformed new purchase loans for the fourth quarter running In Q3 2015 66 of new vanilla BTL loans were for remortgaging compared to 34 for new property purchases a four percentage point increase in favour of remortgaging since Q2 Similarly for MUFB properties remortgaging made up 89

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/landlords-mortgage-options-jump-to-new-record-even-as-yields-stall/ (2016-02-16)
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  • Aldermore lowers buy to let and residential mortgages rates | Mortgages for Business
    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 Aldermore lowers buy to let and residential mortgages rates 30 09 15 Written by Jenny Barrett Aldermore s cuts to its buy to let and residential mortgage rates include the launch of the Bank s lowest ever two year fixed rate residential mortgage As of now the following new products will be available from Aldermore Mortgages Buy to let 2 year fixed rates from 3 98 up to 75 LTV and from 4 28 up to 80 LTV 3 year fixed remortgage option with no valuation legal or completion fees at 4 98 up to 75 LTV and 5 28 up to 80 LTV booking fee 199 Residential mortgages 2 year fixed rates from 3 48 up to 75 LTV and from 3 98 up to 80 LTV Charles Haresnape group managing director of mortgages at Aldermore said Low interest rates and a shortage of supply continue to drive a healthy level of demand within the housing market and a competitive environment for lenders providing better choice for customers With data from the Council of Mortgage Lenders showing house purchase lending up 9 in July as well as a continued

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/aldermore-lowers-buy-to-let-and-residential-mortgages-rates/ (2016-02-16)
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  • Remortgage approvals jump 29% in a year | Mortgages for Business
    09 15 Written by Jenny Barrett New data released today from the Bank of England shows that mortgage approvals for home buying were at an 18 month high in August while remortgage approvals have risen by 29 over the past year The number of house purchase approvals rose to 71 030 in August an increase of 8 2 when compared to the average of 65 594 over the past six months The number of approvals for remortgaging was 40 931 This is 14 2 higher than the average of 35 811 recorded over the past six months Lending secured on dwellings also increased by 3 4bn in August compared to the average monthly increase of 2 4bn over the last six months The three month annualised and twelve month growth rates were 2 9 and 2 1 respectively Gross lending secured on dwellings was 19 1bn and repayments were 15 6bn David Whittaker managing director of Mortgages for Business said Mortgage approvals as a whole are going from strength to strength But beneath this surface current there are also deeper and more complicated flows There is an ongoing shift to different sorts of mortgage lending and a booming remortgage market reflects that interest in new products Even compared to extremely buoyant house purchase approvals remortgaging has picked up more quickly reflecting ongoing expectations of higher interest rates on the horizon as well as a newfound love for the peace of mind of fixed rate deals It isn t boom times in every quarter though Buy to let lending accounts for much of the trend to remortgaging specifically and we are seeing strong interest from experienced landlords looking to take advantage of record low rates even for fixed rate deals of five years or longer But there is also a more

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/remortgage-approvals-jump-29-in-a-year/ (2016-02-16)
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  • House prices rise by 4.2% year on year | Mortgages for Business
    Insight House prices rise by 4 2 year on year 28 09 15 Written by Jenny Barrett The house price index results released today by the Land Registry show an increase of 4 2 year on year to August 2015 On a monthly basis growth was at 0 5 with the average cost of a home now 184 682 London experienced greater rises with with prices increasing by 1 7 The past 12 months to August have seen steepest rises in the East the South East and London with price increases at 8 4 7 6 and 6 6 respectively The North West the North East and Wales experienced the weakest growth prices rising by 0 2 0 4 and 0 9 respectively It has been noted that today s figures reveal the slowest annual increase since 2013 and that the market was slower year on year as the number of completed house sales in England Wales decreased by 13 to 70 404 compared to 80 823 in June 2014 John Eastgate sales and marketing director of OneSavings Bank said House prices are still rising however it is encouraging to see some moderation in the rate of growth with this being the slowest annual increase for two years a statistic that will no doubt be well received by prospective buyers We should however avoid focusing too much on the short term This month s figures might show that price growth has slowed but the fundamentals are such that growth is inevitable over the long term Ultimately the supply and demand imbalance will sustain property values The UK is still desperately short of new housing yet a combination of historically low mortgage rates and improving access to mortgage finance is sustaining demand Legal General Mortgage Club director Jeremy Duncombe said The

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/house-prices-rise-by-42-year-on-year/ (2016-02-16)
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  • Buy to let sales up by 54% | Mortgages for Business
    Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Buy to let sales up by 54 25 09 15 Written by Jeni Browne Latest research from Equifax Touchstone reveals that buy to let sales have risen by 54 1 when compared to the corresponding month last year reaching 3 31bn Looking at year to date buy to let sales from January through to August 2015 there has been an increase of 30 4 when compared to the same period in 2014 with sales hitting 25 62bn A number of factors have contributed to this rise such as the current low interest environment and enticing deals from lenders Continued economic recovery in the UK has similarly attracted buy to let investors to the market and an increase in private rental rates of more than 10 since the start of the year has further contributed to the growth Equifax Touchstone s research also shows however that despite figures increasing year on year August buy to let sales are down 12 5 from the 3 77bn reported in the previous month This drop is thought to reflect the holiday slowdown Nevertheless when compared with the 20 8 drop in sales in the corresponding period last year the figures point to a much stronger buy to let market this year The latest data which covers 92 of the intermediated lending market also reveals that compared to 2014 residential sales from January to August are up 14 8 Total sales for the eight month period including buy to let sales growth have risen by 18 year on year The average value of a residential mortgage in August was 183 337 August 2014 170 371 and 158 782 for buy to let August 2014 143 546

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/buy-to-let-sales-up-by-54/ (2016-02-16)
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  • Expert believes current housing market mirrors that of 1998 | Mortgages for Business
    London the market is still set to rise in the years ahead I don t expect the market to go up massively over the next three or four years it will be steady across the country said McGivern In seven or eight years there will be another massive boom He added The cycle has just unfolded as expected as it always has done Banks are still very restricted in what they can lend and house prices bear no relation to earnings whatsoever but that s exactly what people were saying in 1998 It is no different this time and that is why I think there is huge potential for price rises McGivern went on to compare today s economic conditions to those of 1998 sighting the following recent developments the change to non dom rules as announced in the budget recently which will make the market less attractive to international buyers the forthcoming crack down on mortgage tax relief affecting higher rate tax landlords and economic instabilities worldwide the recent problems faced by Greece and China being two examples Similarly in 1998 we witnessed the crash of the Asian economies and Long Term Credit Management went under It was thought then that the whole financial system could come to a juddering halt said McGivern He added I believe we are much closer to 1998 than 2008 in the current cycle After every crash people say the market is too high It s pretty clear that now is a dreadful time to buy property in London but there are also big differences between now and 2008 Over the last 18 months has there been a mad frenzy Have people been buying property in the belief that if they didn t buy they won t get on the housing ladder No In 2007 just as in every previous cycle London and the UK went berserk If you had a lower ground floor flat riddled with damp main road trucks whizzing down the window you could sell it for a 10 to 15 premium That has not been happening There has been as much as a 30 decline in transaction levels this year in prime London but McGivern maintained that this is normal in an election year Despite tighter regulation coming from the Financial Conduct Authority as compared to pre credit crunch regulator the Financial Services Authority he also ascertained that lending will loosen up and pointed out that the government has a vested interest in ensuring house prices continue to rise because the majority of voters are homeowners The lending restrictions we are seeing at the moment will be relaxed This is already happening in America which suffered a far worse crash than we did said McGivern They have come up with new ways to judge people s credit scores We ve seen that over here with the effective sacking of outgoing FCA chief executive Martin Wheatley because he was too harsh on the banks with shoot first ask questions later George

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/expert-believes-current-housing-market-mirrors-that-of-1998/ (2016-02-16)
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  • Rental market grew steadily in Q3 | Mortgages for Business
    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 Rental market grew steadily in Q3 23 09 15 Written by Jenny Barrett A new report just released by Paragon Mortgages which reveals the latest trends in the private rental sector PRS shows a steady market Taking key indicators into account such as yields void periods and tenant demand the overall picture is one of healthy growth John Heron director of mortgages at Paragon Mortgages said Our latest PRS Trends Survey data is indicative of a market growing steadily and sustainably over the long term With low void periods and steady tenant demand which is expected to continue growing yields remain on a gradual upward trend and landlords are confident they will continue to do so The survey which relates to Q3 of this year shows a rise in average yields over the last three months from 6 3 to 6 4 This is in line with the growth observed throughout 2015 and landlords when surveyed remained confident that yields will remain stable over the next 12 months There was more good news regarding supply Void periods the average period of time PRS properties spend unoccupied per annum are at a historically low level of just below 2 6 weeks Tenant demand is also healthy with more than half of landlords describing demand as stable and more than 40 saying they are experiencing either growing or booming demand The forecast for expected demand is bright with over half of landlords confident that demand will increase over the next 12 months as opposed to 42

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/rental-market-grew-steadily-in-q3/ (2016-02-16)
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  • Council of Mortgage Lenders urges government to consider impact of proposals on buy to let sector | Mortgages for Business
    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 Council of Mortgage Lenders urges government to consider impact of proposals on buy to let sector 22 09 15 Written by Jenny Barrett The CML this week published its latest analysis of the buy to let market releasing new statistics on the geographical spread of buy to let and the types of property favoured by investors highlighting that the past is no guide to the future Since the CML began monitoring the market in 1999 lenders have advanced more than 1 7 million buy to let loans Over this time as highlighted in the report the private rented sector has seen nothing less than a renaissance doubling in size over the past 12 years following decades of steady decline But now it faces new challenges And it is these challenges such as market uncertainty and recovery macro prudential regulation the mortgage credit directive and changes to tax laws that the CML s latest report looks to clarify The report concludes that over the last 15 years or so buy to let has made an important contribution to the expansion of the private rented sector helping to reverse many decades of decline However it also highlights that there is considerable uncertainly over the impact of a series of regulatory and fiscal proposals on both buy to let and the private rented sector While the CML understands that regulatory authorities must have the right tools to address any macro prudential risks it urges the government and other authorities to consider the effects of uncertainty on the market

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/council-of-mortgage-lenders-urges-government-to-consider-impact-of-proposals-on-buy-to-let-sector/ (2016-02-16)
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