Competitive rates and ambitious landlords are driving a growing focus on remortgaging among buy-to-let lenders, according to experts. Figures issued by broker Mortgages for Business show that 66 per cent of buy-to-let loans were for remortgages in the first quarter of 2015, up from 62 per cent at the end of 2014. Remortgages have now […]
Brokers say they are “disappointed” by a High Court ruling which upheld the West Bromwich Building Society’s decision to hike a tracker rate by 2 per cent. Last week, a group of landlords lost their legal battle with the building society after arguing the decision breached their contractual rights. In September 2013, West Brom told […]
The barriers to launching a new product is prohibitively high.
The Treasury will consult on whether to impose loan to income and loan to value caps on buy-to-let mortgages next year. In response to Bank of England requests to control the housing market today, the Treasury says it will gather evidence on the risks posed by buy-to-let lending. The Bank of England’s financial policy committee, which […]
The UK does not really have an out-of-control house price inflation problem but rather one that has been overhyped by the London market.
Buy-to-let lender BM Solutions has reversed its decision to lend to first-time buyers after only one month over fears that borrowers were attempting to “game” buy-to-let loans. Last month BM Solutions, part of Lloyds Banking Group, loosened its criteria for first-time buyers. The move allowed these borrowers to take out a buy-to-let loan as long […]
Watching the Chancellor deliver his Budget, many of us hoped the big news was finally going to be a much-rumoured change in stamp duty. Perhaps a new 2 per cent rate band or even the holy grail of a full overhaul to charge the tax like income tax and end the much-maligned slab effect. It […]
To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions. The following questions relate to buy-to-let mortgages. Question one Which of the following is not a factor taken into account by a lender when considering a buy-to-let mortgage? A The employment status of the prospective tenants […]
At a recent debate hosted by Paragon Mortgages, a panel of industry experts discussed the challenges and opportunities facing the UK buy-to-let market. Predictions for growth this year were optimistic, as rising rents are expected to lead to a more landlords entering the market. The consensus was that lending would settle around £26bn-£28bn, representing growth […]
LSL Property Services has set up a new packager called The Mortgage Processing Centre, which is headed by the group’s director of mortgage services David Copland. Targeting specialist lending, the packager will be available to appointed representatives of First Complete and Pink, estate agency advisers in Reeds Rains and Your Move and directly authorised advisers […]
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 […]
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 […]