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  • FCA issues another buy to let gaming warning | 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 FCA issues another buy to let gaming warning 04 06 15 Written by Jenny Barrett The Financial Conduct Authority FCA has issued another warning to borrowers and brokers who are attempting to cheat MMR affordability rules by opting for buy to let The warning states that those who falsely apply for buy to let mortgages when they should be taking other products are being closely watched A spokeswoman for the FCA said the issue of gaming in buy to let is an area we are keeping under review to crackdown on people making fraudulent applications Firms need to have procedures in place to ensure that people applying for buy to let mortgages do not intend to live in the houses they are buying she explained The warning follows comments made by Chris Bramham Director of Brightstar Financial who suggested that between five and seven per cent of buy to let referrals to his company were knocked back as back door residential According to his statement affordability is the main issue driving many of these cases saying that when it looks like people can t get a mortgage they try to get a buy to let Measuring affordability Alterations to how affordability is measured were introduced under the Mortgage Market Review last year with many lenders taking a much stricter approach Mortgage affordability is calculated by looking at how money is spent and the level of mortgage repayment that can be afforded The fact that buy to let affordability is measured on rental income and not personal

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/may/fca-issues-another-buy-to-let-gaming-warning/ (2016-02-16)
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  • HSBC lists UK's buy to let hotspots | 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 HSBC lists UK s buy to let hotspots 03 06 15 Written by Steve Olejnik Following research into UK property HSBC has produced a list of buy to let hotspots offering higher yields and greater potential for demand According to the list top areas for buy to let investment include Manchester Kingston upon Hull and Blackpool and all feature high yield returns In response to the research letting agents anticipate an increase in demand for their services as prospective and existing landlords are expected to build and grow their portfolios with properties from these areas Manchester top location for buy to let Manchester was identified as the best location for buy to let landlords with the highest yields The strong financial benefits make the city a hub of property activity with annual rents rising four per cent in Manchester over the last 12 months alone This propels the average rental value from 38 316 per annum to 8 628 while an abundance of students living in the city provides an additional boost to the local property market More than one quarter 26 85 per cent of all Manchester s housing is privately rented representing the highest proportion of rented property in any major UK city Demand for rental properties has also risen steadily in the city over the past year too with growth noted even despite increasing property prices which have jumped by around 4 000 since 2014 Attractive opportunities for landlords Outside of Manchester and locations including Kingston upon Hull and Blackpool also performed well in HSBC s study taking second and third place respectively Tracie Pearce Head of Mortgages at HSBC explained that the research

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/may/hsbc-lists-uks-buy-to-let-hotspots/ (2016-02-16)
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  • London returns are high but buy to let future is heading north | Mortgages for Business
    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 London returns are high but buy to let future is heading north 02 06 15 Written by Jeni Browne London landlords gained the most from rental properties in the last year but those looking to start buy to let investments should turn their attentions northwards a new study claims The data from Kent Reliance s Buy to Let Britain Report revealed that rapidly rising property prices in the capital provided a boost to landlord s returns Total annual returns for buy to let landlords reached 15 1 per cent representing the property price gain in 12 months to March 2015 in addition to the rent received in that time Despite this the best returns could be in the North of England according to the study as the rental yield for buy to let is higher While the yield for the average property in the capital is 4 3 per cent it is as high as 7 1 per cent in the North West thanks in the main to lower property prices Rental yield does not give the entire picture for potential investors though as it does not take into account the potential of future alterations in prices caused by rises or falls Capital growth represented the largest portion of returns for buy to let landlords in the last year although this does require the sale of a property in order to be realised Of the 111 5 billion in annual returns seen by property investors over the last year London accounted for 71 3 billion with returns of 15 1 per cent The next most profitable

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/may/london-returns-are-high-but-buy-to-let-future-is-heading-north/ (2016-02-16)
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  • Axis Bank completes first 2 BTL deals with Mortgages for Business | Mortgages for Business
    Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Axis Bank completes first 2 BTL deals with Mortgages for Business 02 06 15 Written by Jenny Barrett Mortgages for Business has successfully brokered the first two buy to let mortgages for Axis Bank The deals were processed for a London landlord who was looking to raise finance for further investment Remortgages of 400k to 73 LTV and 350k to 70 LTV were offered on two flats in the same block both at a rate of 4 09 fixed for five years with a fee of 1 5 Commenting on the transaction David Whittaker managing director at Mortgages for Business said The product suited the client not only because it s priced very competitively but fixing over five years will provide him with some protection against future rate rises Whilst rental income was not a limiting factor in this instance a key feature of the product chosen is the favourable Rent to Income RTI calculation of 125 at pay rate 4 09 instead of the common average of 125 at 5 which means it works well for high value low rent properties Despite a General Election two Bank Holidays and half term the deals were processed from offer to completion in just 10 working days which is good news for brokers looking to place cases where time is of the essence Axis Bank piloted its buy to let offering for three weeks in early April exclusively with Mortgages for Business prior to launching with Complete FS in early May with other partners including TBMC scheduled to go live soon Both its rates and criteria are recognised as welcome additions to the specialist buy to let lending sector In particular Axis

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/may/axis-bank-completes-first-2-btl-deals-with-mortgages-for-business/ (2016-02-16)
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  • Private rented sector value to top £1 trillion | Mortgages for Business
    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 Private rented sector value to top 1 trillion 01 06 15 Written by Jenny Barrett The UK s private rental sector is set to be worth 1 trillion in the next month and 1 07 trillion by next March According to research by Kent Reliance the value of the private rental sector will continue to grow and reach this important milestone within the next four weeks As of March 2015 the total value of the private rented sector accounted for 990 7 billion and represented an annual increase of 11 per cent It means the sector is now worth 43 1 per cent of the British stock market a remarkable increase from the 12 3 per cent it represented just 15 years ago The private rented sector now accounts for 18 per cent of all housing stock in the UK and is expected to reach 5 5 million houses within the next five years Around three quarters of the households created in the UK last year were in the rental sector with 150 000 added to meet demand Many buy to let investors and landlords were keen to snap up property due to the solid levels of returns available Buy to let has come of age moving form a niche asset class to one big enough to rival the stock market explained Andy Golding Chief Executive of One Savings Ban which trades under the Kent Reliance name Long term

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/may/private-rented-sector-value-to-top-1-trillion/ (2016-02-16)
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  • London property market suffers from low housing supply | Mortgages for Business
    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 London property market suffers from low housing supply 28 05 15 Written by Steve Olejnik Landlords and house buyers may be better off investing in properties outside the capital as low housing supply holds back the London market Research from London estate agency Chestertons has revealed the supply of homes in the capital has slowed which could limit opportunities and encourage property investors to look elsewhere Demand for London properties is outstripping supply in both sales and lettings with a surge in people seeking property in the capital noted in the weeks following the General Election Despite political uncertainty in the election run up markets remained strong throughout the first quarter of the year with high demand experienced from those based in the UK and those based overseas Resales in prime central London locations also noted a marginal return to capital value growth in Q1 These transactions grew for the first time in a year by 0 7 per cent while areas in the north and east of the city saw above average growth of 1 4 per cent over the same period and led by affluent areas such as Canary Wharf A subdued market Nick Barnes Chesterton s Head of Research said that the market for properties over 2 million was particularly subdued due to the threat of a possible mansion tax He added that many investors and buy to let landlords took the opportunity to review their portfolios in the light of possible taxation and letting regulation changes The outcome of the election calmed such activity with enquiries up

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/may/london-property-market-suffers-from-low-housing-supply/ (2016-02-16)
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  • Two-thirds of landlords now planning to buy new BTL properties | Mortgages for Business
    are only just beginning to supply more homes to let in response On top of this after the surprise stability of a majority government landlords will almost certainly see a short term boost of house price growth while the threat of damaging regulation has been lifted for at least the next five years Landlords changing approach to borrowing When choosing how to finance borrowing landlords are also changing their approach More than a quarter 26 would currently prefer a variable rate deal for a new buy to let mortgage up from 23 in November 2014 However choosing to fix repayments for just a short time period is actually slightly less popular than six months ago Currently 22 prefer a two year fixed rate mortgage down marginally from 23 in November while 12 would go for a three year fix down from 15 in November Approaching a third of landlords 30 would still choose the safety of fixing their mortgage repayments for five years though this is also slightly down on 31 in November By contrast very long term fixes appear to be gaining popularity One in ten landlords 10 would now choose a 10 year fix more than the 8 recorded in November Landlords average loan to value ratios have fallen in the space of the last six months Overall the average overall LTV ratio for UK landlords now stands at 54 down from 57 in November The proportion of landlords with overall borrowing above 75 LTV has fallen to just 12 down from 16 in November The vast majority have some borrowing though below 75 LTV This now represents more than four in five landlords 81 up from 79 in the previous survey Currently only 6 of UK landlords have no borrowing whatsoever David Whittaker explains Over the medium term interest rate expectations have never been friendlier to landlords This is clearly reflected in the proportion willing to eschew guaranteed stability in favour of some immediate savings Over a two year period this may be rational and landlords as a whole don t tend to take extraordinary risks with their financial position However over the longer term the stability of a fixed rate is likely to pay off and given how five year fixes are barely more expensive than some variable rates we maintain our existing advice to fix now if it fits with a landlords investment plans over the next five to ten years Landlords want action on restrictive lending criteria Just 30 of landlords say mortgage lenders are doing enough to support property investors This is even lower than the 36 who felt lenders supported landlords enough in November One in five 20 say mortgage lenders should be lending more to landlords while despite record low mortgage rates a further 20 feel lenders should reduce rates further However by far the most common demand for lenders from landlords is to ease lending criteria an absolute majority of 57 believe landlords should be less rigid in their selection

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/may/two-thirds-of-landlords-now-planning-to-buy-new-btl-properties/ (2016-02-16)
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  • Mortgage products up 19 per cent in UK | 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 Mortgage products up 19 per cent in UK 27 05 15 Written by Jenny Barrett The number of available mortgage products has grown by almost one fifth in the last year reaching their highest level since the 2008 recession The Mortgage Advice Bureau revealed that 13 539 residential and buy to let mortgage products have come onto the market since April 2014 This represents an annual increase of 19 per cent and highlights the strong competition that exists in the UK s mortgage markets Brian Murphy Head of Lending at the Mortgage Advice Bureau said that many customers have benefitted from record low mortgage rates as product availability continues to improve He suggested that affordability conditions are now better for consumers and are driven by a low interest rate environment and other initiatives such as the stamp duty reforms Buy to let mortgage market While the above figures show considerable growth in the number of total mortgage products data has also shown particular growth in the buy to let market at the start of this year The Complex Buy to Let Index from Mortgages for Business which tracks transaction information relating to vanilla buy to let Houses in Multiple Occupation HMOs multi unit freehold blocks and semi commercial property reported an average of 839 products from 31 lenders in Q1 2015 This was up on the 817 products available from 29 lenders in Q4 2014 but also showed considerable growth from Q2 and Q3 when there were only 637 and 707 products available respectively Competition

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/may/mortgage-products-up-19-per-cent-in-uk/ (2016-02-16)
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