Buy to let

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Half of London retirees will turn pension into buy-to-let

Half of all retirees in London are planning to use their pension pots to invest in buy-to-let property next year, new research shows. A Bank of Ireland study shows 29 per cent of retirees nationwide are looking to use new freedoms announced in this year’s Budget to buy property and generate rental income in retirement. […]

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West Brom borrowers set for court in fight over buy-to-let rate hike

A group of landlords suing the West Brom Building Society over a tracker rate hike have been given the go-ahead to take the case to trial. At a case management hearing on Friday, the class action was told it could have a trial after November 17 and is now applying for a date. In September […]

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Kensington sold to Blackstone and TPG for £180m

Investec has announced the sale of Kensington Mortgages to investment firms Blackstone and TPG in a deal worth £180m. Former Barclays chief operating officer Ian Henderson is to set to become chief executive at Kensington Mortgages once the sale is complete. Invested confirmed it was looking to sell Kensington in February. Then in March, it […]

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Borrowers face crunch meeting in tracker rate hike legal battle

Borrowers fighting tracker rate rises by West Bromwich Building Society and the Bank of Ireland are hosting a crucial fundraising meeting in London tomorrow. More than 400 borrowers have signed up to class actions against the lenders but the campaign wants 400 more clients in order to keep fighting. The campaign, led by landlord website […]

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Lenders say they won’t follow Nationwide in buy-to-let remortgage move

Lenders say they have no plans to restrict their buy-to-let criteria after Nationwide decided to stop accepting remortgage applications to fund buy-to-let investment. Money Marketing revealed the move by Nationwide last week, which the mutual said was part of its move to a single mortgage processing system. Brokers have hit out at what they say is […]

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Nationwide scraps remortgage applications for buy-to-let

Nationwide is no longer accepting remortgage applications to fund buy-to-let investment. Nationwide’s buy-to-let arm, The Mortgage Works, will accept remortgage applications to fund buy-to-let, but not from Nationwide customers. A spokeswoman for Nationwide says: “As part of Nationwide’s move to a single mortgage processing system, the society is streamlining a small number of specific lending scenarios […]

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Labour landlord rules ‘could hit BTL lending’

Experts are warning Labour’s crackdown on bad landlords in the private rented sector could have a “massive” impact on buy-to-let lending. In its policy review last year, Labour proposed a national register of private landlords. Landlord licencing exists in a number of councils, such as Newham, where landlords face big fines unless they comply with […]

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Ex-Barclays banker to launch buy-to-let lender

A former senior Barclays banker is launching a new bank this year targeting the buy-to-let market and professional landlords. Money Marketing understands OakNorth, which is currently applying for a UK bank licence, has been in talks with a number of mortgage brokers about launching in the UK buy-to-let market. The commercial bank is the brainchild of […]

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West Brom borrowers set for court showdown over rate hike

West Brom Building Society borrowers hit by a tracker mortgage rate hike are set for a court showdown with the lender as the number of claimants hits 400. In September, West Brom told 6,700 of its buy-to-let tracker customers their rates would increase by 2 per cent on 1 December. The borrowers all have mortgages with […]