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  • Landlords and letting agents should raise deposit claims AIIC | 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 Landlords and letting agents should raise deposit claims AIIC 24 09 14 Written by Jenny Barrett Letting agents should take larger deposits to cover costs incurred at the end of a tenancy the Association of Independent Inventory Clerks has claimed Repairs and cleaning costs are not always covered by the money taken for deposits according to the organisation potentially leaving landlords and agents out of pocket Landlords and agents may need to review the deposits they take to ensure they will cover any potential costs incurred at check out AIIC chair Pat Barber told Property Reporter In some parts of the UK the deposit simply is not enough to cover the costs to return the property back to its original condition at the end of the tenancy should things go badly wrong According to the AIIC the average deposit in the UK is now 1 197 73 up significantly from the average amount recorded in 2007 which stood at 893 82 Despite this increase the organisation also said there is widespread variation between regions with landlords in some areas taking much higher deposits In London the typical deposit is 1 760 30 compared to the north east and Yorkshire and Humber where average deposits stood at 602 38 and 592 75 respectively Ms Barber also said that letting agents and landlords should gather sufficient evidence that should then be used if a tenant disputes a charge A highly detailed inventory which is signed and agreed by both a landlord and tenant at the start of a tenancy sets out the

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/landlords-and-letting-agents-should-raise-deposit-claims-aiic/ (2016-02-16)
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  • Keystone Solutions Range | Mortgages for Business
    let mortgage The announcement was made at Financial Services Expo London 2014 which is being held at Old Billingsgate Following the success of the Classic and Premier Ranges Keystone has announced the launch of a new range created specifically for landlords who are still struggling to get finance in a buoyant buy to let market The new Solutions Range is a suite of medium term loans funded by Lancashire Mortgage Corporation The range works particularly well for Self employed individuals especially those whose income is derived from rent Limited companies including SPVs LLPs trading businesses Ex pats Landlords building up their credit profile Landlords struggling to get mainstream finance Commenting on the launch David Whittaker managing director of Keystone said Despite increasing product availability in the buy to let market lenders continue to take an extremely cautious approach to anything other than the most straightforward of applications The Solutions Range dares to be different It recognises that some applications do sit outside of typical lending criteria but often have common threads which if assessed individually and carefully make them low risk Some of the common reasons that applications are declined include Non standard property type Unacceptable tenant type Complex ownership structure Untidy credit profile Unacceptable income evidence Whilst Keystone s existing Classic and Premier Ranges already cater for some these scenarios the lending criteria on the Solutions Range has been designed with greater flexibility Marc Goldberg of Lancashire Mortgage Corporation said The products are aimed at both individual and corporate landlords who have failed to qualify for a buy to let mortgage but who require a more cost effective progressive solution than bridging We believe that the flexible custom fit approach to underwriting will help landlords looking to strengthen their financial position and capitalise on the ever increasing demand for

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/new-solution-for-landlords-struggling-to-get-finance/ (2016-02-16)
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  • Buy to let investors and first time buyers advised to look north | Mortgages for Business
    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 investors and first time buyers advised to look north 23 09 14 Written by Jeni Browne Buy to let investors and first time buyers should consider the north east of England if they want the best deals according to a lettings firm in the region Ajay Jagota chief executive of KIS said recent research into property prices highlighted a difference between property in the north and south of the UK A Knight Frank study found Durham to be the most affordable UK city for first time buyers and said that purchasing in London can be up to three times more expensive on average Newcastle also featured in the top ten most affordable cities in the report based on typical earnings of people under 40 against the average property prices in a region A separate survey that suggests the north west has yields of 6 4 per cent the highest in the UK was also used by Mr Jagota to advertise the region s appeal for buy to let investors The research did show that rents have declined in the north east during the past 12 months though so investors should carry out plenty of research before making a decision If you re a first time buyer struggling to get on the property ladder or an investor looking to make a rapid return on rental properties the evidence is as clear as my advice look north said Mr Jagota Rents in the north east are around half of the national average and are nearly 1 000 per month less expensive than in London making the region affordable for

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/buy-to-let-investors-and-first-time-buyers-advised-to-look-north/ (2016-02-16)
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  • House prices peaking across more parts of UK | Mortgages for Business
    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 House prices peaking across more parts of UK 22 09 14 Written by Steve Olejnik UK house prices are returning to pre crisis peaks across most parts of the UK according to the latest official data driving more people into the rental sector Data from the Office for National Statistics for July shows that home prices in the East Midlands West Midlands and south west of England have all returned to levels seen before the financial crisis in 2008 It means those regions have joined London the east of England and the south east in reaching these highs making it more difficult to access the housing ladder This has boosted demand in the rental sector with Countrywide reporting that as many as five tenants are battling it out for every available property The Index revealed a steady increase in demand during the last 12 months while rents have also increased as a result with records reported by several major indexes Both the Countrywide Buy to Let Index and the similar index from LSL Property Services suggested rents are at record levels although there was some disparity between their figures Property prices continue to rise The ONS data showed property prices increased by 11 7 per cent in annual terms across the UK to the end of July while those in London rose by 19 1 per cent Separate data from the ONS showed consumer price index inflation was at 1 5 per cent in August meaning prices in July rose by at least three times the inflation rate for the whole of the UK The

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/house-prices-peaking-across-more-parts-of-uk/ (2016-02-16)
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  • Record breaking rents boost landlord returns | Mortgages for Business
    Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Record breaking rents boost landlord returns 19 09 14 Written by Jenny Barrett Rents grew slowly in August to reach an all time record high according to the latest buy to let index from LSL Property Services It means average rents in England and Wales are now 761 per month 3 higher than October 2013 s previous high of 758 Rents in August were up by an average of 1 1 per cent on a monthly basis compared to July equivalent to an 8 increase As a result rents are 2 4 per cent higher than a year ago when the average rent was 743 represented by a 15 increase in real terms David Brown commercial director of LSL Property Services added that peaks in the autumn are usually noted in the rental sector so further increases could be expected The reawakening of mortgage lending startled the property market into a new spring of life earlier in the year he explained The benefits have been felt across the board not just for first time buyers but for tenants too Investment means rents are now only one per cent higher in real terms than at the start of 2010 Rents in seven of ten regions are higher than a year ago with the South West leading the way up 3 5 per cent from last August The South East and North West also noted increases up by 3 4 per cent and 3 3 per cent on an annual basis while London rents were up by three per cent from last year However rents in the North Easy are down 1 6 per cent from a year ago while annual falls were also noted in the West Midlands and Wales

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/record-breaking-rents-boost-landlord-returns/ (2016-02-16)
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  • Five tenants pursue every rental property
    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 Five tenants pursue every rental property claims Countrywide 18 09 14 Written by Jeni Browne Demand for rental property in the UK is growing at such a pace that five tenants are now chasing every rental property that goes on the market The figures come from the latest Countrywide Lettings Index for August which showed a steady increase in demand across the last 12 months It is reflected in August rental prices too with 15 per cent of properties let for more than advertised although this figure rises to 19 per cent in London a 13 month high Despite this demand is yet to reach similar levels to those of 2012 although average rent in the UK passed the 900 a month barrier for the first time in August up 13 from the month previously This represents good news for landlords and buy to let investors as rental returns are increasing alongside property values During the past 12 months rents have increased by 5 1 per cent while it is London and particularly zones 2 6 that has led the growth In the capital the number of properties coming to market has remained roughly the same during the last year but tenant numbers have grown by 12 per cent in the same period Beyond London and the South East levels of demand have remained closer to the numbers of properties available so rental increases have not reached such high levels The significant level of mobility between the sale and rental markets means changes to the level

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/five-tenants-pursue-every-rental-property-claims-countrywide/ (2016-02-16)
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  • Regulations scare BTL lenders away | Mortgages for Business
    345 6788 Share News Insight Regulated buy to let mortgages could scare lenders away 17 09 14 Written by Jeni Browne A few buy to let transactions are already regulated but finding a lender can be difficult Jeni Browne head of regulated and buy to let lending considers whether proposed regulation of accidental landlords will scare lenders away from these types of transactions altogether The Treasury has announced following a consultation that some buy to let transactions will become regulated in 2016 To date only a buy to let mortgage where the tenant is a member of the borrower s immediately family has fallen into this category Some lenders offered regulated buy to lets on this basis including some of the bigger players but most did not However those lenders who were in this market have over the last twelve months or so retracted from regulated lending on buy to let transactions At this moment in time lenders who will offer regulated buy to lets are extremely thin on the ground The future regulation is aimed at covering those transactions where the borrower has not set out determinedly to acquire a buy to let This would include Let to buy where you retain your main home on a buy to let basis and move to a new main residence People who have inherited a property through probate and decide to mortgage the property My greatest concern is that the implementation of regulation will scare lenders who currently lend on these scenarios ie most lenders away from these types of deals As regulated buy to lets are practically non existent right now one can only hope that lenders stand true in the belief that their credit policy is robust and have the necessary infrastructure to work within the regulations which will

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/september/regulated-buy-to-let-mortgages-could-scare-lenders-away/ (2016-02-16)
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  • Understanding why investors gear their properties | Mortgages for Business
    common strategy used by property investors to grow their portfolios The borrowing is the buy to let mortgage and the investment is the rental property For the strategy to work successfully the rental income must be able to service the debt and provide some cash flow Even if you only take on one buy to let mortgage you have geared your property Advantages of gearing buy to let property Gearing can improve the return on your capital investment It makes your money work harder for you and helps you to earn more For example Gearing and capital appreciation Say you have 100k to invest You could buy one property for 100k without the need for a mortgage Alternatively you could buy four properties worth 100k with a 75k mortgage on each If property values were to go up by 10 you would make 10k if you had one property but 40k if you had four Gearing and cash flow If the cost of owning property is less than the rental yield then your cash flow would be higher if you owned four properties rather than just one Gearing can also help you to grow your property portfolio quickly Risks of gearing as a property investor The main risk of gearing is not being able to service the debt so investors should make contingency plans for shocks such as void periods unexpected maintenance costs tenants who fail to pay the rent and rates rises A sensible contingency would be to put aside a certain amount of cash to cover any unwelcome shocks According to Stephen Johnson managing direct of Shawbrook Bank if an investor is paying a mortgage rate of 7 at 75 LTV the property would need to be generating a minimum of gross yield of 6 6 just to

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/june/understanding-why-investors-gear-their-properties/ (2016-02-16)
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