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  • Temporary permitted development rights allowing the conversion of office buildings into dwellings to be made permanent | Mortgages for Business
    team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Temporary permitted development rights allowing the conversion of office buildings into dwellings to be made permanent 19 10 15 Written by Jenny Barrett The new measures announced by Housing and Planning Minister Brandon Lewis will make it easier to convert underused office space into new homes Temporary permitted development rights were first introduced in 2013 to enable the conversion of office buildings into new homes without the need for planning permission As such between April 2014 and June this year almost 4 000 conversions were given the go ahead These temporary rights were due to expire in May 2016 Therefore to avoid the potential increase in what the government sees as unnecessary red tape and bureaucracy which could slow down future conversions Brandon Lewis has announced that the permitted development rights will now be permanent Those people and developers who have already been granted permission will now have three years in which to complete the change of use of their building s The government hopes that this will end potential uncertainty for developers and enable the development of new homes In addition these new permitted development rights will in future allow the demolition of office buildings and new building for residential use subject to limitations and prior approval by the local planning authority The change of use of light industrial buildings and launderettes into new homes will also be allowed via the new rights subject to limitations and prior approval by the local planning authority There are 17 areas currently exempt from office to residential permitted development and they will have until May 2019 to make an Article 4 Direction if they wish to continue determining planning applications for change of use These areas consisting of

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/temporary-permitted-development-rights-allowing-the-conversion-of-office-buildings-into-dwellings-to-be-made-permanent/ (2016-02-16)
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  • Clampdown on councils failing to build new homes as Government introduces new housing bill | Mortgages for Business
    Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight Clampdown on councils failing to build new homes as Government introduces new housing bill 13 10 15 Written by Jenny Barrett With the introduction of its new Housing and Planning Bill the government has established new powers to overrule councils which fail to produce the schemes necessary for new home building in their area Councils have been warned that if they do not produce local plans for new homes by 2017 Whitehall will intervene to ensure those plans are produced for them The statement announcing the new Housing and Planning Bill reported While 82 of councils have published local plans which should set out how many homes they plan to deliver over a set period only 65 have fully adopted them and there are still almost 20 of councils that do not have an up to date plan at all The new bill will enable Whitehall to bypass councils and work directly with local communities to identify land for new building and force housing schemes through the planning system in an attempt to help deliver one million homes by 2020 as pledged previously by the government The government also confirmed measures to deliver 200 000 Starter Homes and to offer 1 3 million tenants the Right to Buy The Housing and Planning Bill follows the introduction of the National Planning Policy Framework NPPF in 2012 The NPPF was established to reinforce the role of local plans by way of cutting back on red tape and planning documents The statement reported that ministers will soon reveal details of how they will intervene when councils have failed to get started on their plans But it was specified that In their plans councils are required to produce an annual trajectory of how many homes they plan to build in their area usually over a period of around 15 years They must also be reviewed regularly usually every 5 years and give local people more of a say on where new developments go and what they look like The Prime Minister is also due to announce that the temporary rule introduced in May 2013 allowing people to convert disused offices into homes without applying for planning permission will be made a permanent change after almost 4 000 conversions were given the go ahead between April 2014 to June this year This is in addition to announcements made at the Conservative conference about automatic planning permission in principle on brownfield sites and the identification and selling off of high value vacant publicly owned sites Industry reaction to the news has been supportive overall Ensuring local authorities abide by their responsibilities and put a robust plan in place will ensure more homes get built more quickly via a more constructive less bureaucratic process said Stewart Baseley executive chairman of the Home Builders Federation Some sites have been locked up for too long and these measures

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/clampdown-on-councils-failing-to-build-new-homes-as-government-introduces-new-housing-bill/ (2016-02-16)
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  • Developers look to align themselves with lenders ahead of MCD | Mortgages for Business
    Olejnik Given the potential impact that The Mortgage Credit Directive MCD will have on house builders next year a number of developers are in talks with third party mortgage providers in a bid to avoid having to apply for Financial Conduct Authority FCA authorisation The MCD which comes into force on 21 March 2016 will alter regulation around second charge mortgages including shared equity Shared equity loans or similar incentives are currently offered by house builders resulting in a second or subsequent charge being taken over the consumer s property To date this type of residential property finance has been jointly provided by a house builder and government e g HomeBuy Direct FirstBuy Scottish Government New Supply Shared Equity with Developers or through a government scheme such as the Help to Buy equity loan which helps finance the purchase of new build properties although could also be offered by other providers such as mortgage lenders In the FCA factsheet for house builders the regulator said Any house builder that has an existing back book of second charge or shared equity loans or plans to provide these loans after 21 March 2016 will need to meet these requirements and either be authorised by the Financial Conduct Authority to hold permission to carry out these regulated activities or appoint a regulated third party to administer the loans Regulated activities for house builders include entering into a regulated mortgage contract as lender and or administering a regulated mortgage contract and or advising on regulated mortgage contracts New rules are to be applied to both past present and future schemes and the Financial Conduct Authority has cautioned builders they must act to comply Andy Frankish new homes director at Mortgage Advice Bureau has said that as a result the larger developers having been talking

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/developers-look-to-align-themselves-with-lenders-ahead-of-mcd/ (2016-02-16)
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  • Construction industry experiences sudden decline in output | Mortgages for Business
    Types of mortgage Residential Stamp Duty Calculator Research Case Studies Complex Buy to Let Index Buy to Let Mortgage Product Index Buy to Let Mortgage Costs Index Limited Company Buy to Let Index Property Investor 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 Construction industry experiences sudden decline in output 14 09 15 Written by Steve Olejnik Contrary to analysts predictions UK construction output fell by 1 in July on the month reversing a 0 9 increase seen in June and going against the forecasts of a 0 5 rise latest figures from the Office of National Statistics reveal Compared with 2014 annual construction output in the UK fell by 0 7 again disappointing economists forecasts of a 0 6 rise The main factor behind the fall is reported as being a year on year decline in the construction of new housing which fell by 2 5 the first decline since March 2013 In July of this year all new work decreased by 1 5 while all repair and maintenance showed no growth and within all new work there were falls in all work types except infrastructure and private industrial works Decreases in public new housing private new housing public other new work and private commercial work were apparent the figures pointing to falls of 5 8 2 0 4 5 and 2 9 respectively Within the repair and maintenance R M category the growth in non

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/september-2015/construction-industry-experiences-sudden-decline-in-output/ (2016-02-16)
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  • Councils to deliver local plan by 2017 (1) | Mortgages for Business
    finance Bridging short term finance Bridging short term finance Bridging loans Refurbishment finance Auction Finance Residential mortgages Residential mortgages Rates Loans Fees How to apply Types of mortgage Residential Stamp Duty Calculator Research Case Studies Complex Buy to Let Index Buy to Let Mortgage Product Index Buy to Let Mortgage Costs Index Limited Company Buy to Let Index Property Investor 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 Councils to deliver local plan by 2017 23 07 15 Written by Amy Earl Councils will have until early 2017 to produce a local plan before they have it taken out of their hands according to a recent statement from Housing and Planning Minister Brandon Lewis Councils have been given a deadline of early 2017 to produce local plans according to a recent statement from housing minister Brandon Lewis The minister s statement said in cases where no local plan has been produced by early 2017 the government will intervene to arrange for the plan to be written in consultation with local people to accelerate production Details of what plan making stage the government requires councils to have reached in order to avoid intervention have yet to be released Questions have also been raised over who will produce the plans once the government intervenes and how ministers intend to process the work The statement made by Lewis also confirmed that planning guidance will be strengthened to ensure that housing

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/july/councils-to-deliver-local-plan-by-2017-1/ (2016-02-16)
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  • PDR affecting development finance borrowing | Mortgages for Business
    broker is increasing too It s about knowing the market Developers are finding it increasingly difficult to keep up with the number of lenders rates and terms and what lender will finance which project The situation has been somewhat exacerbated by lenders interpretation of the implementation of permitted development rights Each lender seems to have interpreted the rules in a different way so knowing which lender to approach is not easy What is implementation Is it full completion of a project including onward sale or refinance Or is it some lesser test say partial completion before the 30 May 2016 deadline Lenders are concerned by the Labour Party s stance of not continuing beyond the deadline and will need to be comfortable that with a planning variation the projects need to be completed well in advance The Tory Party has already published plans to extend the current regime should they be in government post 8th May 2015 At Mortgages for Business we track the rates and policies of the leading property development finance lenders taking care understand any changes in criteria Crucially we ve been keeping abreast of how each lender interprets permitted development rights This doesn t mean that securing finance is straightforward but we do always work with developers to find a solution as our case studies demonstrate So if you are seeking finance for your next or current project and it is subject to the PDR timeline we recommend that you get in touch sooner rather than later if you need help securing a workable solution As well as the relaxed planning rules there are many other factors leading to improvements in the sector Stamp Duty reforms Government Starter Home initiatives the new Help to Buy Isa and an increase in finance options are all great news for developers With regard to current funding options we continue to see an increase in lender appetite and product availability In 2014 the high street banks started to up their games for experienced developers albeit with a cautious and robust underwriting approach The challenger banks such as Aldermore and Secure Trust along with established development lenders continue to provide funding for viable development projects Some of the established bridging lenders also provide development finance and are a useful option especially if speed is an important factor At MFB we make it our business to work with all the key lenders in the development finance arena and work with the developer to get the right finance package for the project The bridging market is becoming increasingly competitive and we are seeing an influx of new short term funding providers as the demand for property finance continues to increase As well as the ground up developments we are seeing an increase in refurbishment proposals small PDR projects and auction purchases and at MFB we have made sure that we have access to all the main lenders in the bridging space as well as the more tradition development finance route Pricing We have

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/march/pdr-affecting-development-finance-borrowing/ (2016-02-16)
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  • Demand from buy to let sector sees bridging loans surge | Mortgages for Business
    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 Demand from buy to let sector sees bridging loans surge 28 03 14 Written by Steve Olejnik Some mortgage brokers could be missing out on potential buy to let clients as the property they want to borrow against is unmortgageable according to bridging lender Fincorp The firm reports an increase in the number of people using bridging loans to fund refurbishment projects ahead of remortgaging to a buy to let product in order to let the property It marks a change according to Fincorp from when borrowers would use finance as an option prior to property sale The Council of Mortgage Lenders CML most recent figures highlight a surge in growth for buy to let re mortgage loans Overall 2013 figures show gross lending to be at 160 900 loans a 23 per cent increase on 2012 The total value of these loans was 20 7 billion up 32 per cent when compared with the previous year The same set of figures shows the number of buy to let loans taken out last year for house purchases to be at 82 930 a 19 per cent increase on 2012 With a total value of 9 3 billion this represents a 26 per cent increase on the previous year Buy to let remortgage lending showed the highest proportion of buy to let growth up 29 per cent on 2012 figures at a total of 76 260 loans Valuing these loans at 10 6 billion represents a 39 per cent increase in loan

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2014/march/demand-from-buy-to-let-sector-sees-bridging-loans-surge/ (2016-02-16)
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  • Bridging finance up by 33% in Q3 | 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 Bridging finance up by 33 in Q3 14 10 15 Written by Jenny Barrett According to data released today bridging finance enjoyed a rise of 33 during the third quarter of 2015 defying the summer slowdown and the impact of wider global macro volatility The Bridging Trends survey which was conducted by MTF reveals that contributor lending activity increased from 99 1m in the second quarter to 131 7m during the third quarter of 2015 Mortgage delays continued to be the most popular reason for accessing bridging finance rising to 37 of all lending from 33 in Q2 2015 The next most popular reason for using a bridging loan was refurbishment contributing to 21 of all lending The data also pointed to the fact that first charge lending is still solid and is evidence of significant investment in residential properties to let Similarly second legal charge lending for the quarter rose to 20 from 14 9 during Q2 2015 Impacted by a boost in unregulated business which increased to 68 in Q3 from 53 3 in Q2 the average LTV rose to 50 9 Service and resource levels were however affected by annual leave during the summer months as seen in the average completion on a bridging loan application which slowed to 46 days during the third quarter from 39 in the second quarter The average term of a bridging loan dropped to 10 months in the third quarter from 11 months in the first and second quarters Joshua Elash director at MTF said The recent data is interesting as we are beginning to see a degree of consistency in the key market

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/bridging-finance-up-by-33-in-q3/ (2016-02-16)
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web-archive-uk.com, 2017-12-16