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  • Landlords set to benefit from faster eviction processes | 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 Landlords set to benefit from faster eviction processes 13 11 14 Written by Jenny Barrett The process of evicting rogue tenants is set to be improved following the launch of a new government service Landlord Action acting in its role as a government Think Tank first proposed that landlords should be able use Section 21 processes for eviction by filling out online forms It marks the first step towards digitalising the service and now the Department for Communities and Local Government has acted to aid landlords further Research found that many landlords were making mistakes in their applications to court when they lacked their own legal representation and that this was slowing down the process Section 8 PCOL service Possession Claim Online can already be done via the internet and Landlord Action said the same process should apply for Section 21 claims HM Courts and Tribunals Service and the Ministry of Justice Digital Services have now joined forces to improve the way accelerated possession claims can be made It means an N5b form the one required for such an application can now be completed online before being printed out and sent off along with the tenancy agreement and fees This should aid landlords by making the process easier to understand especially as they will often want to act quickly to prevent any rogue tenant issues from eating into their possible returns We are always campaigning to make life easier for landlords especially through the distressing time of trying to regain possession of a property said Paul Shamplina founder of Landlord Action

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/november/landlords-set-to-benefit-from-faster-eviction-processes/ (2016-02-16)
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  • Buy to let loan volumes up 18 per cent | Mortgages for Business
    to let loan volumes up 18 per cent 12 11 14 Written by Jeni Browne The number of buy to let loans in September was up 18 per cent from Q3 2013 according to new data from the Council of Mortgage Lenders CML The 18 100 buy to let loans in the month represented lending worth 2 5bn with both the number and value of these loans up 15 per cent and 14 per cent respectively when compared to August figures When compared to September 2013 loans were up 24 per cent by volume and 32 per cent by value while differences between Q3 and Q2 2014 were also noted The number of buy to let loans rose 12 per cent between Q2 and Q3 while yearly growth for the quarter was up 18 per cent In terms of values this represented a 16 per cent rise from Q2 and a 28 per cent increase from Q3 2013 suggesting that investors are increasingly looking for more deals that suit their needs We are approaching the end of twelve months of change transition and growth explained Paul Smee director general of the CML Of all buy to let loans in September a higher proportion was advanced for remortgage than for house purchase 9 260 for the former and 8 760 for the latter This means the number of buy to let house purchase loans increased by seven per cent from August and are up 15 per cent compared to September 2013 These loans totalled 1 1 billion in value up eight per cent from the previous month and 25 per cent year on year The number of remortgage loans also increased drastically between August and September showing a month on month increase of 26 per cent Annual increases were high too

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/november/buy-to-let-loan-volumes-up-18-per-cent/ (2016-02-16)
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  • Positive outlook for UK buy to let market | Mortgages for Business
    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 Positive outlook for UK buy to let market 03 11 14 Written by Steve Olejnik Intermediaries are positive about the possibilities for future mortgage lending in the coming year the latest quarterly intermediary survey has shown On average growth in overall mortgage business of six per cent is expected in the fourth quarter of this year compared to the third quarter This marks a slight increase on estimates made in the second quarter when growth of five per cent was anticipated according to Paragon Mortgages Positivity also exists in the buy to let market as advisors expect to see an increase of three per cent in activity during the next 12 months a figure unchanged from quarter two of 2014 Some 56 per cent of intermediaries expect their levels of buy to let business to remain stable during the next year while 40 per cent expect to see an increase in this type of activity Nearly one in five intermediaries also expect an increase of six per cent or more showcasing the positivity that is currently surrounding the sector Meeting demand Rental demand was identified as the most important factor in determining the levels of change in buy to let activity by 69 per cent of those surveyed Meanwhile 65 per cent said property prices would have an impact and 64 per cent identified an interest rate increase as a potential game changer for current

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/november/positive-outlook-for-uk-buy-to-let-market/ (2016-02-16)
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  • Treasury sidesteps Bank of England buy to let plans | Mortgages for Business
    Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Treasury sidesteps Bank of England buy to let plans 31 10 14 Written by Jeni Browne The UK Treasury is not rushing into action following a request for greater control over buy to let lending from the Bank of England According to a consultation paper the Treasury has said it wants time to gather more evidence relating to how the buy to let market works before any rules are imposed Current proposals will see the Bank of England s Financial Policy Committee FPC gain new legal tools to control residential lending with the Bank able to set mandatory limits on loan to value ratios and debt to income ratios Initial plans will see the consultation run until 28 November with possible legislation being introduced in May 2015 As far as the buy to let market is concerned the Treasury has said it wants an in depth evidence base before deciding if the FPC should have similar powers over the market Due to the decision to delay buy to let powers any new rulings are unlikely to occur before the general election next May This means that buy to let investors and current landlords are unlikely to face regulations should they wish to expand their portfolios in coming months Financial stability is the focus of any potential changes which is why the Bank has requested greater powers keen to speed up the amount of time needed to respond to housing risks The FPC can currently make recommendations to limit risky lending and said in June that no more than 15 per cent of a bank s mortgage lending should be at more than 4 5 times the

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/october/treasury-sidesteps-bank-of-england-buy-to-let-plans/ (2016-02-16)
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  • Renting as a long term option | 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 Majority of tenants see renting as long term option 30 10 14 Written by Jenny Barrett The majority of tenants in rented properties do not see the sector as a short term option meaning investors should see constant demand for property new research has revealed The study from Knight Frank and YouGov discovered that less than one in four tenants expect to stay in the privately rented sector for under four years Of 3 500 renters questioned 32 per cent revealed they live in their current accommodation as it suits their lifestyle or they have no wish to pay a mortgage Nearly a quarter 24 per cent of respondents said they believe they will never own a home while 15 per cent said they expected to be in rented accommodation for at least the next five years Our survey shows that the majority of renters do not view the private rented sector as just a short term move said Grainne Gilmore head of residential research at Knight Frank The dynamics of the housing market where supply has failed to keep up with demand which in turn has played a role in pushing up house prices has also put home ownership beyond the reach of many young people especially in key employment hubs Understanding modern rental trends For buy to let investors news that demand in the rental sector remains high is incredibly positive as it will ultimately drive up rents and possible returns That coupled with strong property price growth provides opportunities for investors to accumulate capital from properties in many parts of the UK According to Ms

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/october/majority-of-tenants-see-renting-as-long-term-option/ (2016-02-16)
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  • Property types in high demand | 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 Prime London three bed rental properties in high demand 29 10 14 Written by Steve Olejnik Three bedroom rental properties in central London are in exceptionally high demand according to a leading national estate agent High demand for three bed properties sees them let out immediately after going to market says Zoe Rose head of London lettings at Strutt and Parker As soon as we get a good one on our books it lets in a flash she explained adding that three bedroom homes could be the most sought after at present Rose suggested that many buy to let investors see one and two bedroom properties as failsafe options but that attracting tenants and optimising yields may be easier for a larger home She pointed to two examples of three bedroom properties in South Kensington and Ladbroke Gardens which were let at their asking price just two days after first viewing This view agrees with a recent report from Rightmove that said more than a third of its top 5 000 most viewed homes were three bedroom properties Owning a three bedroom property is clearly good news for landlords added Ms Rose They are a great investment because they have such broad appeal She added that these homes were popular among young couples small families and older couples looking to downsize while a spare room was also appealing for people who often work from home More homes for rent In central London properties that rent for between 2 000 and 2 999 per week have seen an 18 4 per cent increase

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/october/prime-london-three-bed-rental-properties-in-high-demand/ (2016-02-16)
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  • Tumbling mortgage charges | Mortgages for Business
    6788 Share News Insight Landlords benefit from tumbling mortgage charges plus longer fixed rate deals 28 10 14 Written by Jenny Barrett Dramatic drop in extra costs of buy to let due to mortgage fees for all except the highest LTV loans Short term fixes now less prevalent as longer initial terms form a growing proportion of mortgages Almost 1 in 5 of all available buy to let mortgage products 19 are now five year fixed rate deals Competition is driving buy to let lenders to cut their charges and fees as well as to offer longer term fixed rates according to the latest Buy to Let Mortgage Costs Index from Mortgages for Business On average the effect of fees and charges on buy to let mortgages was to raise the overall cost for comparison by just 0 54 pa in Q3 This is significantly lower than the average of 0 67 extra in fees and charges seen at the start of 2013 and down from 0 58 in the second quarter of 2014 However beneath this overall trend there is also a growing divide between fees for buy to let borrowers at different loan to value ratios Charges for low LTV up to 65 of property value and medium LTV from 65 to 75 buy to let mortgages have fallen dramatically By contrast charges for high LTV 80 and above loans have increased In Q1 2013 the effect of these at 0 71 was broadly in line with that for medium LTV loans Yet since then charges have mounted to add an additional 0 84 to the average cost of buy to let borrowing at higher LTVs in the third quarter of 2014 David Whittaker managing director of Mortgages for Business comments Healthy competition is good news for landlords who can now choose from a pool of in excess of 700 different buy to let mortgages Meanwhile the wider benefits of more buy to let funding are being felt by everyone in the private rented sector including tenants who have seen a growing supply of homes to let this year This is a vote of confidence in landlords at a time when lenders remain under serious pressure to maintain the safest possible loan books Yet the details are even more encouraging Prioritising middle and lower LTVs is prudent but the most encouraging signs are lenders offering landlords what they need Longer term fixed rates are the best option for landlords looking to protect their future income and minimise any risk associated with interest rate rises and there are now many more of these options available Growth in longer term fixes Five year deals now make up almost one in five fixed rate mortgages on the market at 19 up rapidly from 15 in the second quarter of this year By contrast three year fixed rate deals have dropped from 19 to 17 of all products in Q3 while two year fixes standing at 54 still dominate in absolute terms

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/october/landlords-benefit-from-tumbling-mortgage-charges-plus-longer-fixed-rate-deals/ (2016-02-16)
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  • Rental growth slows down | Mortgages for Business
    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 ONS figures reveal rental growth slowdown 28 10 14 Written by Jeni Browne Growth in rental prices has slowed in the last month according to the latest figures from the Office for National Statistics Average private sector rents in Britain have increased by just one per cent annually in the year to September 2014 On a country by country basis rents in England were up by one per cent those in Scotland increased by 1 4 per cent while Wales only saw growth of 0 2 per cent Rents in all English regions were up with the highest annual growth noted in London at a rate of 1 5 per cent Year on year growth is suggested in a number of studies into the buy to let and rental markets although rates of growth do appear to be slowing The latest Buy to Let Index from Your Move and Reeds Rains showed that rents reached new highs in September in contradiction of the government figures but both studies reported a slowdown It means rents are increasing at levels below earnings for the first time for several years average annual earnings growth stood at 1 2 per cent in August While slightly lower rents could potentially mean smaller returns for investors it also means more people may be able to access the rental market boosting demand in the process This

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/october/ons-figures-reveal-rental-growth-slowdown/ (2016-02-16)
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