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  • Buy to let borrowers could need 40 per cent deposit | 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 Buy to let borrowers could need 40 per cent deposit warns Countrywide 08 10 14 Written by Jenny Barrett Buy to let borrowers in London and the South East may need a 40 per cent deposit to secure a property under potential new rules Countrywide has warned The prediction from the estate agency could occur if proposals from the Bank of England to strengthen its market powers come in to force Such new rulings could mean around a third of landlords in the capital and surrounding areas could require a 40 per cent deposit to obtain finance the firm claimed The prediction is based on the introduction of a similar stress test to the one that is currently applied to owner occupiers under the Mortgage Market Review That is typically in the region of seven per cent while current buy to let lenders generally test a loan at five per cent meaning larger deposits would be required According to Nick Dunning group commercial director at Countrywide most landlords would pass any new stress tests as property in other areas of the country provides a higher return on investment Stress testing of new loans for investors has the potential to increase the entry barriers for would be landlords he said It will primarily affect areas in the south of the country and areas where yields are lower Should the proposals be implemented landlords will require increasingly

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/october/buy-to-let-borrowers-could-need-40-per-cent-deposit-warns-countrywide/ (2016-02-16)
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  • Tackling the stresses of being a landlord | Mortgages for Business
    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 Tackling the stresses of being a landlord 07 10 14 Written by Jeni Browne Being a landlord is more stressful that it used to be according to a new study but what do property owners and investors need to consider More than half of landlords have been forced to use their holidays to sort out property issues and a quarter of landlords have found that being one is more stressful than they expected That is according to a new survey from UK Landlord Tax which also discovered that 67 per cent of landlords are more stressed than they were 12 months ago In an increasingly competitive rental market more is expected of rental property and this means landlords are spending more time on property related issues Following the dramatic increase in landlords in the UK it s not surprising that they are becoming more stressed said Simon Thandi director at UK Landlord Tax Letting properties is a serious business it s no surprise landlords are feeling the pressure The survey suggested that 53 per cent of landlords use up to 20 per cent of their annual leave to deal with problems relating to their rental property Some 46 per cent of landlords also spent 20 hours a year on phone calls agent negotiation and being in contact with tenants regarding aspects such as insurance repairs and maintenance Other factors causing stress surrounded late rent payments named by 58 per cent of landlords as

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/october/tackling-the-stresses-of-being-a-landlord/ (2016-02-16)
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  • Tenant demand driving rental sector | Mortgages for Business
    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 Tenant demand driving rental sector expansion 06 10 14 Written by Steve Olejnik The expansion of the private rental sector is being driven by wide scale tenant demand according to the latest research from LSL Property Services The Landlord Opinion Survey found that 41 per cent of landlords and buy to let property owners had noted an increase in demand during the past six months Average void periods have decreased while the number of new tenancies signed in August was up 6 9 per cent year on year Of all the landlords surveyed 21 per cent said that it is a good time to invest in buy to let properties while 18 per cent had already invested within the past 12 months More than half of the landlords and buy to let investors that like the current conditions believe strong demand from tenants is the main factor behind them Property prices were viewed as being attractive by 54 per cent of investors and superior capital returns to other forms of investment were deemed a leading factor by 45 per cent of landlords The coming months are also viewed in a positive light with 63 per cent of landlords expecting tenant demand to increase further in the coming months This figure is up from 56 per cent in January when LSL Property Services posed the same set of questions to landlords Just five per cent of landlords and investors who were questioned believe that the number of people looking to rent will decrease in the months ahead Approximately 22 per cent of landlords expect to add to their portfolio during the next year up from

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/october/tenant-demand-driving-rental-sector-expansion/ (2016-02-16)
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  • Paragon backs long term tenancy plan | Mortgages for Business
    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 Paragon backs long term tenancy plan 30 09 14 Written by Steve Olejnik Paragon Mortgages have lent support to government proposals for landlords to offer longer tenancies to those in private rented accommodation A new Model Tenancy Agreement launched earlier in September aims to improve standards and stability in the sector Such a move would represent good news for buy to let investors and landlords as the prospects of void periods at their properties should be reduced Instead people would be encouraged to stay in properties for longer providing a great deal of stability for tenants and especially for people with children who account for approximately 20 per cent of all tenants The private rented sector PRS is the fastest growing sector in the housing market and an increasing number of families rely on it for their home said John Heron managing director of Paragon Mortgages At the same time many tenants continue to value the flexibility and choice the PRS delivers This is why we welcome the new Model Tenancy Agreement it recognises that some PRS tenants will still require that flexibility but others need greater security In a bid to promote long term stability Paragon introduced new lending criteria enabling 36 month tenancies for those who want them Mr Heron said it was the firm s social responsibility to do so and added that landlords should be encouraged to support people on local authority housing lists Housing minister Brandon Lewis has

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/paragon-backs-long-term-tenancy-plan/ (2016-02-16)
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  • Stricter regulation for the buy to let market | Mortgages for Business
    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 Buy to let market facing stricter regulation 29 09 14 Written by Jeni Browne New affordability tests could see people being denied loans or paying more for their mortgages when new European laws come into force The European Union is changing how accidental landlords are lent money with new tests designed to ensure that any lending is done in a responsible manner It is estimated that up to a fifth of existing buy to let mortgages belong to people in that position most commonly as a result of inheriting a property or opting to rent after not being able to sell The changes will have to be implemented by March 2016 but there is no defined date regarding when it will occur The announcement follows new data from Hometrack that suggested zero growth in UK property values in September with the market slowing for the first time in 19 months Affordability rules for mortgages need lenders to assess borrowers incomes and spending habits to ensure they can afford the loan they are taking out This is calculated under current conditions and in the event of an interest rate rise an increase is expected in the coming year to make sure payments can be sustained The Treasury deems that an accidental landlord is one as a result of circumstance rather than through their own active business decision An appropriate framework is required according to the government document as such borrowers are considered to be consumers Currently buy to let mortgages fall outside of regulations that apply to mainstream owner occupier mortgages around 151 000 were taken out in the last

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/buy-to-let-market-facing-stricter-regulation/ (2016-02-16)
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  • Tenant demand outnumbers available properties | 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 ARLA suggest tenant demand outnumbers available properties 26 09 14 Written by Steve Olejnik Demand for rental property is so high that the number of would be tenants outnumbers the amount of available properties according to new research A survey of letting agents conducted by ARLA found that 68 per cent of them believe housing demand to be outweighing supply That represents an increase from Q2 2014 when the same questioned produced a similar response from 59 per cent of respondents while just 46 per cent echoed the belief in Q3 2013 The number of properties managed by ARLA members has also dropped falling by six per cent from an average of 143 to 135 Landlords are also investing in fewer new properties with the research suggesting numbers dropped from 35 per cent to 27 per cent during the last quarter The number of rental property owners reportedly selling their homes also increased from 27 per cent to 32 per cent the first time in four years that this trend has been noted This quarter we have seen demand for properties in the rental sector significantly rise while the supply of residential rental properties has dropped said ARLA managing director David Cox This activity has bucked the seasonal trend recorded over the past 11 years for this quarter in which we normally see an increase in the number of new tenancies signed up The survey revealed that a significant number of properties in the rental market that are put up for sale actually re enter the

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/arla-suggest-tenant-demand-outnumbers-available-properties/ (2016-02-16)
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  • Sheffield offers highest buy to let gross yields | Mortgages for Business
    Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Sheffield tops the pile for buy to let gross yields 25 09 14 Written by Steve Olejnik Sheffield city centre offers the highest gross yields in the UK according to new research providing buy to let investors with the best available returns A gross yield of 11 06 per cent in the Steel City was the highest recorded from more than 2 600 UK postcodes Comparison website TotallyMoney found that there was only one other region in the UK with gross yields of ten per cent or more Aberdeen with a yield of 10 43 per cent An average figure for the whole of the UK stands at 4 17 per cent with the figures calculated by dividing the median annual rent by the median asking price in any given location Importantly for buy to let investors though the figures do not take account of tax liabilities mortgage repayments and maintenance costs all factors that will eat in to potential returns However rising rents and a wide selection of mortgage deals are providing more options for landlords helping to boost profits A rise in interest rates could alter the state of the buy to let market but many lenders are still launching products to entice investors with indications suggesting a rise is still some way off Bradford was the third best location in the country with a gross yield of 9 18 per cent before any costs are taken into account South Manchester North Southampton and York also feature highly on the list thanks in part to their close proximity to major universities Manchester saw the highest gross yields of 8 71 per cent while Southampton and York were just behind with gross yields of 8 62 per cent

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/sheffield-tops-the-pile-for-buy-to-let-gross-yields/ (2016-02-16)
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  • Buy to let LTV to 85 per cent | Mortgages for Business
    fan of innovation in the buy to let mortgage market I am pleased to announce that Mortgages for Business is involved in piloting a new 85 buy to let purchase product Here s how it works and how you can get access to it The product is a combination of a standard buy to let mortgage up to 70 LTV and an equity loan up to 20 LTV with the combination to be no higher than 85 in total For example you can have a buy to let mortgage of 70 and a 15 equity loan or say a 65 mortgage and a 20 equity loan The product is available to landlords with five or more properties a refreshing change to the frustrating limits imposed by the vanilla lenders How it works Designed for professional landlords looking to minimise deposits and at the same time maximise cash flow With only a 15 deposit required the buy to let lender will provide a 70 mortgage on a repayment or interest only basis for a maximum term of 10 years Once the main mortgage has been agreed the equity lender will provide the remaining 15 of the purchase price There are no monthly payments payable on the 15 equity loan instead 30 of the capital appreciation i e double the equity loan is repaid to the equity lender at the end of the term or when the property is sold whichever is the earlier In the above scenario the landlord borrows 85 of the purchase price but only pays interest on 70 leading to a much improved cash flow Furthermore with the rent to interest cover calculated only on the main mortgage this product allows you to sensibly borrow more on lower yielding properties ideal for those high value low yielding prime

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/new-85pc-ltv-buy-to-let-finance-for-purchases/ (2016-02-16)
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