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  • Rapid growth of buy to let lending puts sector in spotlight | Mortgages for Business
    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 Rapid growth of buy to let lending puts sector in spotlight 09 09 15 Written by Steve Olejnik Figures released this week from the Bank of England and Financial Conduct Authority show rapid growth in buy to let mortgage lending and lead to industry speculation that the Financial Policy Committee is increasingly likely to receive additional powers over the BTL sector The latest figures point to a rise of 18 5 in buy to let lending from 7bn in the second quarter of 2014 to 8 3bn in Q2 2015 The rapid growth of the buy to let market has already attracted attention from policymakers The Bank of England warned in July that the financial stability of the UK could be jeopardized by the BTL market due to the relative ease with which mortgagors are able to access finance in this sector A consultation by the Treasury which will review whether the FPC should be given the power to contain buy to let lending is scheduled to take place later this year The committee already has the power to cap LTIs and LTVs Industry expert Ed Stansfield of Capital Economics is reported as saying that since the Mortgage Market Review lenders have shifted their activity from regulated owner occupied lending to unregulated buy to let mortgages He added that while buy to

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/rapid-growth-of-buy-to-let-lending-puts-sector-in-spotlight/ (2016-02-16)
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  • Keystone launches Short Term Finance Range | Mortgages for Business
    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 Keystone launches Short Term Finance Range 01 09 15 Written by Jenny Barrett Keystone Buy to Let Mortgages has launched its new Short Term Finance Range with funding from Lancashire Mortgage Corporation Launched today Keystone s Short Term Finance Range offers a selection of bridging loans aimed at residential landlords looking for a quick finance solution to auction purchases refinances and refurbishment projects The funding line is being supplied by Lancashire Mortgage Corporation which also provides the finance for Keystone s Solutions Range The six products in the range are priced according to the credit profile of the applicant with rates for prime borrowers and those with light medium and medium heavy adverse credit Rates start from 0 85 per month for loans between 50k and 1m Keystone will lend up to 70 LTV as standard and up to 75 by referral Crucially there is no price differential between individuals and limited company applicants Fees and costs to the borrower have been kept as low as possible The facility fee is 2 of the loan amount with a one off assessment fee of 199 Valuation and legal costs are the same as for products within the Solutions Range Marc Goldberg of Lancashire Mortgage Corporation said The Solutions Range has worked really well for us since we launched the partnership so it made sense for us to

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/keystone-launches-short-term-finance-range/ (2016-02-16)
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  • Bank Rate speculations spark mortgage rate rises | Mortgages for Business
    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 Bank Rate speculations spark mortgage rate rises 06 08 15 Written by Amy Earl Speculation of a rise in Bank Rate has driven some lenders to increase their pricing Recent comments from Bank of England Governor Mark Carney suggest that a rise in Bank Rate will likely come into sharper relief around the turn of this year Responding to the comments Money Supermarket s consumer expert Dan Plant said The recent rate rise speculation is starting to make providers cautious and this is being reflected in their offers However Brian Murphy head of lending at Mortgage Advice Bureau said Any product re pricing that has taken place in the last couple of weeks may also have been tactical where one or two lenders have come under pressure from things like service But as yet I don t see this being the start of a significant rate rise occurring Whilst this may be true in the residential mortgage market buy to let rates are still at an all time low According to the July results of the Buy to Let Product Index by Mortgages for Business average fixed and tracker rates continue to drop month on month It will

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/august-2015/bank-rate-speculations-spark-mortgage-rate-rises/ (2016-02-16)
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  • Over 100 different mortgage products for limited companies to greet Budget BTL tax clampdown | Mortgages for Business
    are already 122 buy to let mortgage products available for limited companies as of July 2015 according to the latest Buy to Let Mortgage Costs Index from Mortgages for Business The news comes as the Chancellor announced in his July Budget that buy to let interest relief for private landlords was to be scrapped One of the few ways landlords can retain their full interest relief is by obtaining a buy to let mortgage as a limited company rather than as an individual where any interest payment would qualify as a business expense and therefore qualify for tax relief However landlords choosing to mortgage through a limited company pay a premium compared to the buy to let mortgage market average The overall average cost of a mortgage product for a limited company stood at 5 4 p a at the start of July whereas the average annual rate for the entire buy to let mortgage market was just 4 6 a difference of 0 8 percentage points David Whittaker managing director at Mortgages for Business comments The mortgage market was certainly well prepared for the Chancellor s grab on landlords tax relief Mortgages which allow limited companies to be borrowers comprise 13 of all products on the buy to let market It means that a good number of landlords and investors will have the opportunity to outfox the Summer Budget by taking advantage of the tax benefits associated with registering as a limited company However limited company mortgage products may not be for everyone Registering as a limited company takes time money and can be quite complex The average interest rate for limited company mortgages is also greater than the average rates available in the wider market That said even if the mortgage costs for limited companies are above the rest of the market this could come down as demand grows and lending to companies becomes more competitive And for once prospective tax changes will work in favour of investors as the rate of Corporation Tax is due to fall from 20 to 19 from April 2017 and to 18 from April 2020 which if profits are to be retained within the company would represent a significant tax saving for a higher rate tax payer Trend to longer term fixed rates The proportion of buy to let mortgages with rates fixed for five years has risen to almost one quarter 23 of all products on the market in Q2 This figure represents a two percentage point increaseon the previous quarter and a rise of 9 percentage points on the same quarter last year when just 14 of buy to let mortgages allowed landlords to fix their repayments for five years The proportion of the market taken up by three year fixes has remained static at 16 with a steady reduction in the proportion of tracker mortgages and short term fixes two years or less which have fallen over the past year from 33 to 30 and 35 to 31 respectively

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/july/over-100-different-mortgage-products-for-limited-companies-to-greet-budget-btl-tax-clampdown/ (2016-02-16)
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  • First 3 cases offered with Keystone’s New Classic Range | Mortgages for Business
    launching its New Classic Range at the beginning of July Keystone has made its first three formal offers The first of these offers was for an existing Keystone client who was looking to remortgage through his SPV limited company Although this particular client did not own his own home his experience within the buy to let sector deemed him acceptable for a buy to let mortgage with Keystone The application was received on the 2nd of July and after a valuation on the 16th a formal offer was made four days later The next deal came in on the 3rd of July from Curchods Mortgage Services for an investor in their late 70 s who was looking to remortgage a two bed flat above a restaurant A seven year term was agreed by Keystone at 65 LTV and a formal offer was made on the 22nd of July Commenting on the deal Max Gibson at Curchods Mortgage Services said It can often be a real challenge to place a case for the older investor especially where the more complex property types are concerned Fortunately Keystone s New Classic Range has been designed with flexibility in mind and offers real solutions for landlords struggling to secure buy to let finance Keystone has really helped me out and are always a pleasure to work with so I would highly recommend their services The most recent case to be offered came in via Planit Mortgages Limited This particular case was also for an investor in their 70 s who was looking to remortgage a small one bed flat The valuation went through without a hitch and a formal offer was made within 12 working days Commenting on the deal Anthony Peters at Planit Mortgages said Keystone s New Classic Range really is a

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/july/first-3-cases-offered-with-keystone-s-new-classic-range/ (2016-02-16)
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  • Buy to let - from personal to limited company ownership | Mortgages for Business
    proposed changes Transferring existing rental property owned personally into a limited company So if a client determines that it makes sense to buy properties in future through a limited company then does it also make sense for them to shift existing properties owned personally into a limited company There is no simple answer to this and there may be a different answer to that applicable to a purchase of an additional property In order to transfer the properties into a limited company the properties must be legally sold and this gives rise to three potential additional costs Stamp Duty Land Tax on the sale to the limited company Capital Gains Tax Early Redemption Charges on existing mortgages and re mortgage costs Stamp Duty Land Tax Legislation requires that for stamp duty purposes the sale of a property to a company owned by the vendor is deemed to take place at open market value and tax is levied at the following rates Property or lease premium or transfer value SDLT rate Up to 125 000 Zero The next 125 000 the portion from 125 001 to 250 000 2 The next 675 000 the portion from 250 001 to 925 000 5 The next 575 000 the portion from 925 001 to 1 5 million 10 The remaining amount the portion above 1 5 million 12 This applies regardless of the type or amount of consideration given by the acquiring company e g gift sale at undervalue or full market value or a transfer in consideration for the issue of new shares by the company Capital Gains Tax The Capital Gains Tax position is rather more complex Prior to last year the situation was that any such sale would leave the vendor liable to pay Capital Gains Tax in accordance with the normal rules However in a landmark ruling last year by the Upper Tier Tax Tribunal Elizabeth Moyne Ramsey v HMRC 2013 UKUT 266 TC it was determined that in certain circumstances the landlord could claim incorporation relief under s162 Taxation and Chargeable Gains Act 1992 thereby deferring any tax until such time as the property is sold by the acquiring company The key factor here was that the taxpayer devoted 20 hours a week to various activities of collecting rents and property and garden maintenance As a consequence the property a house split into 10 flats was determined to be a business eligible for incorporation relief rather than an investment ineligible for relief Given the potential incentive for landlords to incorporate now it is possible that HMRC will appeal the Ramsey decision but for now this is the law So what factors would HMRC and the Tax Tribunals consider in determining whether the property is a business or an investment There is no definitive guidance available so the following are just my thoughts on some factors that might sway any decision Investment Owner has full time paid employment not associated with the property Owner uses an agent to collect

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/july/buy-to-let-from-personal-to-limited-company-ownership/ (2016-02-16)
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  • How Private Rental Property Licences affect landlords applying for a buy to let mortgage | Mortgages for Business
    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 How Private Rental Property Licences affect landlords applying for a buy to let mortgage 27 07 15 Written by Jeni Browne Formerly known as Selective Licensing landlords have expressed concern that lenders might treat them differently when it comes to applying for a buy to let mortgage Since 2006 Local Authorities have had the ability to introduce Private Rental Property Licences Formerly known as Selective Licensing PRP licensing is supposed to help LAs tackle the impact of poor quality private landlords and anti social tenants The scheme is also expected to raise standards in the private rental and I quote drive out unscrupulous or inept landlords Now I am not here to debate whether this is a good or bad thing or to give specific details on the licensing contact your Local Authority for details of schemes in your area What I can tell you is how these licences affect landlords applying for a buy to let mortgage I recently spoke to a number of contacts at several BTL lenders to find out their stance Fortunately the overwhelming result was that lenders will not treat these applications any differently to any other standard buy to let mortgage application Of course if you need a licence the lender will want to see it but as far as

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/july/how-private-rental-property-licences-affect-landlords-applying-for-a-buy-to-let-mortgage/ (2016-02-16)
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  • FAQs on buy to let mortgages for limited companies | Mortgages for Business
    to let mortgage interest relief on personal borrowing in George Osborne s Summer Budget 2015 has sparked a flurry of questions about property investors switching to borrowing in via a corporate vehicle Here are the answers to the most common questions about limited company buy to let mortgages Q Are Ltd company buy to let mortgages hard to get A Not at all Even though there are fewer lenders offering these products we help investors with this type of transaction on a daily basis According to our buy to let mortgage rate finder and calculator of the 800 buy to mortgage rates currently on the market 110 are available to limited companies Q Are buy to let mortgages for Ltd Co s more expensive A In general yes they are I would say that on average you can expect to pay around 1 1 5 more on interest rate plus the arrangement fees tend to be charged as a percentage rather than a fixed amount Also it s worth pointing out that it is very normal for the lender to want their own solicitor to act for them so you may end up covering the cost of two legal bills However while the pricing is higher many landlords find that the tax advantages outweigh the additional costs although you should always check whether this applies to you with a qualified accountant Q Will I have to provide a personal guarantee if I take out a limited company buy to let mortgage A Yes All lenders will require that the directors majority shareholders provide personal guarantees Q Does a personal guarantee mean the lender will take a charge on my home A No it does not A personal guarantee means that if the lender has to repossess the property and after sale they are still owed money the person offering the PG will be liable for that money This would be same if you had borrowed personally Q Can I get a fixed rate buy to let mortgage if borrowing through a Ltd Co A Yes lenders are offering 2 3 and 5 year fixed rates as well as discounts and trackers Q Will I have to put in a bigger deposit if I borrow through a Ltd Co A No Like rates for individuals Ltd Co buy to let mortgages are available to a maximum of 85 loan to value however there is much more choice to 75 LTV Q Is there a particular type of limited company I should establish in order purchase buy to let properties A In the mortgage world there are two types of companies The first are those which only hold property and do nothing else these are known Special Purpose Vehicles or SPVs Companies which do anything other than this are known as trading companies Most buy to let lenders which lend to limited companies will lend only to SPVs although there are a handful which will lend to trading companies Q Can I

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/july/faqs-on-buy-to-let-mortgages-for-limited-companies/ (2016-02-16)
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