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  • Tenant arrears dropped over the last year | Mortgages for Business
    Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Tenant arrears dropped over the last year 20 01 15 Written by Jeni Browne The latest index report has revealed that tenant arrear averages reduced during 2014 continuing an annual trend According to research by Your Move and Reeds Rains tenant finances declined during December which is common for the festive period The proportion of rent in arrears rose to 8 9 per cent by December 2014 up from the 7 5 per cent seen in November but this is an improvement in comparison to December of 2013 when 9 7 per cent of total rent was found to be in arrears Furthermore when looking at average proportions of rental arrears during the course of the whole year there is a clear wider trend whereby overall arrears have been improving each year Over the course of 2014 in its entirety tenant arrears averaged 7 5 per cent of total rent compared to the average for 2013 which was 8 1 per cent Adrian Gill Director of estate agents Reeds Rains and Your Move said that December always proves to be a testing time and it s clear that lots of households are not yet out of the financial woods However he was keen to highlight indications for the bigger picture saying 2014 was a success There is a clear trend towards renters being more in control of their finances December s setback is just that Even taken alone in 2014 December represents an improvement from the worse spike in arrears witnessed in December 2013 he said Increased yields Gross yields on a typical property in England or Wales now averages 5 1 per cent as of December When taking price growth and void periods into account and before mortgage

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/january/tenant-arrears-dropped-over-the-last-year/ (2016-02-16)
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  • Yields on larger rental blocks reach new high | Mortgages for Business
    yields on multi unit freehold blocks have risen to 9 3 in Q4 2014 the highest on record Average yields on non standard properties have risen even further above more simple BTL investments according to the latest results of the Mortgages for Business Complex Buy to Let Index Multi unit freehold blocks or MUFBs have overtaken houses in multiple occupation HMOs and now provide landlords with the highest gross yield at 9 3 in Q4 2014 This compares to 8 6 in the third quarter and is the highest yield on record for this property type Houses in multiple occupation HMOs have also seen rental yields rise to 9 in the fourth quarter of 2014 from 8 9 in Q3 This is slightly lower than the yields recorded earlier in the year where HMO yields stood at 9 6 in Q1 However compared to vanilla and semi commercial property houses in multiple occupations still provide one third more than standard buy to let investment The only exception to this trend is semi commercial property which saw yields fall to 6 4 from a high of 9 7 in the third quarter Gross yields on vanilla buy to let properties have returned towards the levels seen in early 2014 For a standard BTL property the equivalent figure is now 6 3 up from 5 9 in the third quarter David Whittaker managing director of Mortgages for Business said Rental yields for HMOs and MUFBs are typically higher than those for vanilla buy to let For a multitude of reasons not least stagnant wage growth for half a decade many tenants simply can t afford an enormous flat with a spare bedroom As such the attraction for many of renting a room rather than whole property will ensure that there is a

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/january/yields-on-larger-rental-blocks-reach-new-high/ (2016-02-16)
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  • Three per cent rent increase recorded in England and Wales over 2014 | 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 Three per cent rent increase recorded in England and Wales over 2014 19 01 15 Written by Steve Olejnik According to the latest index data rents across England and Wales increased by three per cent during the course of 2014 This is despite a monthly fall between November and December data from YourMove and Reeds Rains reveals There is now an average residential rent of 767 compared to an average of 745 that was recorded in December of 2013 The estate agents say that this represents strong annual growth has occurred in spite of monthly drops on average rents are 0 1 per cent lower than they were found to be in November of last year Breaking the seasonal pattern Adrian Gill Director of Reeds Rains and YourMove explained that in recent months we have seen a deviation from typical seasonal norms as less tenants want to relocate over the festive period landlords have to compete to fill empty rental properties As a result rents tend to dip slightly This did happen but to a much lesser extent than usual In particular a jobs boom across the eastern regions of England has seen a larger than usual number of people relocating in the winter months Gill said This has pushed up rental prices in these regions even further Breaking records Rents now stand at higher prices compared to a year ago in eight out of the 10 regions that make up England and Wales The East of England has experienced a 7 6 per cent annual

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/january/three-per-cent-rent-increase-recorded-in-england-and-wales-over-2014/ (2016-02-16)
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  • Latest data shows buy to let market grew in November | Mortgages for Business
    Careers Contact us 0845 345 6788 Share News Insight Latest data shows buy to let market grew in November 16 01 15 Written by Jeni Browne Lending to landlords has increased more than any other borrower group according to new figures The latest lending industry data shows that landlords are the only group who are borrowing more than they were a year ago The research was released today by the Council of Mortgage Lenders CML with figures applicable for November 2014 It confirms an overall slowing of activity within the housing market but highlights how the buy to let sector remains healthy as lending to landlords increased by nine per cent in comparison with last year 2 4 billion lent to landlords Lending across all borrowers including mainstream home buyers and first time buyers fell during November when compared to the previous month although the figures from the CML have not been seasonally adjusted to factor in a possible ascribed seasonal slowdown Focusing on activity within the buy to let market the report claimed there were 17 000 buy to let loans issued during the month of November Of those that were completed 8 900 were advanced for buying a property and 8 600 were for remortgaging purposes This represents total lending worth 2 4 billion and a value increase of 14 per cent In comparison 25 900 loans were paid to first time buyers Strong markets for buy to let Chief Executive of Mortgage Broker SPF Private Clients Mark Harris said that whilst the amount of first time buyers and people moving or remortgaging decreased between November 2013 and November 2014 buy to let continued to go from strength to strength This is no real surprise with savings accounts paying pitiful rates demand from tenants for rental property strong

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/january/latest-data-shows-buy-to-let-market-grew-in-november/ (2016-02-16)
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  • Private rented sector housing exceeds £1 trillion | Mortgages for Business
    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 housing exceeds 1 trillion 15 01 15 Written by Jenny Barrett The value of private rented sector PRS stock in the UK has totalled more than a staggering 1 trillion for the first time ever According to recent research by estate agent Savills PRS stock has increased in value by 17 per cent over the last year and by 57 per cent between now and 2009 There are now 5 4 million privately rented homes across the UK a figure that has seen an increase of 1 2 million in the last five years This means the sector outnumbers social housing by a total of 700 000 homes Nationally the total value of properties overall has now reached 5 75 trillion which represents a rise of 543 billion since 2013 and is up by 986 billion over the past five years Owner occupied homes are still the most dominant force within the property market with a total of 15 million households falling into this category which now has a value of 3 9 trillion This value is split equally between homes that are mortgaged and homes that are owned outright according to Savills The amount of homes owned without a mortgage attached has been on the rise lately with an increase of 437 000 taking place during the last five years The total now stands at 8 3 million properties Over the same time period homes with mortgages dropped in numbers by almost 800 000 It is believed that the impacts of the financial crisis and the

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/january/private-rented-sector-housing-exceeds-1-trillion/ (2016-02-16)
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  • Property prices are rising in UK’s “forgotten” areas | Mortgages for Business
    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 Property prices are rising in UK s forgotten areas 14 01 15 Written by Jenny Barrett After being left behind in earlier house price surges led by the capital the UK s forgotten regions such as Northern Ireland and the North East have reported good growth from November last year Annual property price increases in Northern Ireland rose 4 9 per cent from October 2013 to October 2014 while an 11 7 per cent rise was recorded over the 12 months leading to last November The new data has been released by the Office for National Statistics and indicates a 10 000 increase in property prices in the region Growth has also been seen in the North East North West East Midlands and the East London reductions mean growth elsewhere In general the official government data shows a yearly fall in house price growth across the UK as national averages fell from 10 4 per cent in October to 10 per cent the following month London led the decline with a decrease from 17 2 per cent to 15 3 per cent but was closely followed by the South East where growth fell from 11 8 per cent to 10 per cent over the same period Activity in the capital is shown to have directly affected growth overall in the country The rate of annual increases grew from 6 7 per cent year to year in October to 7 1 per cent between November 2013 and November 2014 During this time London and the South East stripped out Founder of online estate agent eMoov Russell Quirk said there is a feel good factor

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/january/property-prices-are-rising-in-uk-s-forgotten-areas/ (2016-02-16)
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  • 10 year fixed rate buy to let mortgages
    of taking a 10 year fixed rate buy to let mortgage 14 01 15 Written by Steve Olejnik Fixing your buy to let mortgage for 10 years is a big commitment so you have to be pretty sure it s the right step for you Steve Olejnik considers the advantages and disadvantages for landlords The Mortgage Works has done it again and should be congratulated in leading the way with the launch of the only 10 year fixed rate in the buy to let mortgage market Many of you will recall that TMW were the first to go to 80 LTV post crunch and as one of the dominant lenders in the vanilla buy to let space has continued to support both first time landlords and professional investors The launch of the 10 year fixed rate fills a gap in the long term fixed rate market and it was no surprise that at some stage lenders would follow the launch of Skipton s seven year fixed product late last year It should not be a surprise that it is TMW who have been the first to step up Available up to 75 LTV the rate is fixed at 4 99 5 04 APR for 10 yrs and is available for purchases remortgages and those looking to let to buy The arrangement fee is a flat 995 added to the loan and the rent to interest calculation is 125 at 4 99 As regular readers will know we have been strong supporters of the longer term fixed rate and having a 10 year product is certainly a welcome addition to the suite of options available It will however be interesting to see what appetite there actually is among landlords to fix for longer than five years For many five years is long enough and often suits life cycles and allows the landlord to review the finance options and potentially refinance and or release capital before fixing again In my opinion fixing for as long as 10 years will not be everyone s cup of tea and I suspect that TMW won t be inundated with applications Skipton s seven year fixed rates were withdrawn last November after only a few months of launch To date there has been no word on whether these products will be replaced like for like In my opinion there is though a market for longer term buy to let mortgages in our last two Property Investor Surveys 8 10 of landlords said they would consider fixing for 10 years and I can particularly see older investors looking for certainty for the last 10 years of their mortgage term However ten years can be a long time so those who do take the rate will have to bear in mind the penalty charges should they wish to redeem the mortgage before the 10 years is up 7 of the amount being repaid for the first four years then decreasing by 1 increments yearly until the end of

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/january/the-pros-and-cons-of-taking-a-10-year-fixed-rate-buy-to-let-mortgage/ (2016-02-16)
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  • Prime properties in central London enjoy renewed rent rise | Mortgages for Business
    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 Prime properties in central London enjoy renewed rent rise 13 01 15 Written by Steve Olejnik According to new research rents in prime central London locations are starting to increase again This comes after months of price decline within the most prestigious areas of the capital and provides plenty of positive news for landlords Top addresses such as Knightsbridge Belgravia and Mayfair rose by four per cent or more during the final quarter of last year uplifted by a demand from foreign buyers Persistent market strength The findings come from research carried out by lettings firm Benham and Reeves which also suggest a persistently strong market was present elsewhere in inner suburbs of London despite more modest rental growth overall The majority of inner suburbs have experienced stabilising rents or seen modest growth but the market in parts of North London including Hampstead and Highgate has cooled a little Locations that rely more heavily on the domestic market like Chelsea and South Kensington have also not fared quite as well The firm highlighted that there are fewer homes being built in these areas Instead potential tenants are being drawn to new and less expensive developments in East London Reports show that Hackney and Greenwich were the two London boroughs that saw highest capital growth over the course of 2014 as brand new developments entered onto the market and large rent increases were put in place to reflect growing demand A reliable market As Marc von Grundherr Lettings Director at Benham and Reeves

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/january/prime-properties-in-central-london-enjoy-renewed-rent-rise/ (2016-02-16)
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