From 1 October 2018, any rental property occupied by five or more tenants as their only or main residence must be licensed if the tenants share kitchen or bathroom facilities. The property can occupy any number of floors.  This follows a change in the law regarding the licensing of houses in multiple occupation (HMOs) under the provisions of the Housing Act 2004. Read the rest of this entry »

Together has extended the maximum term on its residential mortgage products to 40 years in an effort to help more first-time buyers get on the property ladder.

The extension will help bring down the monthly cost of borrowing for buyers struggling with high house prices and stricter affordability tests by spreading repayments over a longer term, the lender said.

Monthly searches by brokers using the Twenty7Tech system to source mortgages of 30 years-plus almost doubled between January 2017 and August 2018, accounting for more than a third of total searches last month.  Those looking for deals spread over 40 years have risen from 9,305 in January 2017 to 26,829 last month, according to sourcing system’s data. Read the rest of this entry »

House prices being offered dropped by 2.3% in August while home-movers who want to move in by Christmas should be active in the market now, according to Rightmove.

Estate agent Connells said it had re-launched 5,000 properties with substantial reductions since the start of the summer – selling 30% of them.  The Rightmove report noted that average asking prices of newly-marketed property has dropped in August by 2.3% against a 2.1% fall in the same month last year, as new sellers aim to achieve a quick sale.  London and the commuter-belt region of the South East were responsible for a large part of the fall in the national average. If those two regions are excluded the rest of the country has a monthly drop of 1.5%. Read the rest of this entry »

Posted in Property prices

Base Rate increased to 0.75%

August 2nd, 2018

Monetary Policy Committee Announcement and Minutes

At its meeting ending on 1 August 2018, the MPC voted unanimously to increase Bank Rate by 0.25 percentage points, to 0.75%.

The Committee voted unanimously to maintain the stock of sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves, at £10 billion. The Committee also voted unanimously to maintain the stock of UK government bond purchases, financed by the issuance of central bank reserves, at £435 billion.

[Source: Bank of England, 2 August 2018]

Posted in Interest Rates

Bank statements provide lenders an insight into the lives of prospective borrowers, but some activities could result in an application unexpectedly being turned down.

Providers are looking for any clues that customers may struggle to keep up with repayments in the future.

Here are the bank statement activities that brokers say act as red flags to lenders, and at the worst mean applications are rejected.


Read the rest of this entry »

Posted in Mortgages

If you’re a Landlord aged over 55, you may be interested in one of Retirement Advantage’s Over 55 Buy-to-Let Options.

Release cash tax free from Buy-to-Let properties

The Over 55 Buy-to-Let Options are secured on a Buy-to-Let property.  They allow Landlords to release cash from their property tax free, leaving their entire portfolio intact.  You can choose to make capital and interest payments or let the interest roll-up.  There are no affordability assessments on any of the options. Read the rest of this entry »

Posted in Buy To Let

The Bank of England has admitted that current forecasts show its base rate could remain under 2% for the next 30 years.

Earlier this month Bank of England chief, Mark Carney, raised expectation of a base rate increase in August, but it is now suggested it could remain under 2% for the next 30 years! Read the rest of this entry »

Posted in Interest Rates

Bank of England governor Mark Carney has raised expectations of an interest rate rise next month, after talking up the UK’s economic performance.

Data points to a pick-up in growth in the second quarter of the year, after a disappointing start to 2018, according to the chief monetary policymaker.

In a speech, Carney said: “The incoming data have given me greater confidence that the softness of UK activity in the first quarter was largely due to the weather, not the economic climate.  A number of indicators of household spending and sentiment have bounced back strongly from what increasingly appears to have been erratic weakness in Q1.”

Read the rest of this entry »

Posted in Interest Rates

Record numbers of landlords are re-mortgaging to make home improvements and maximise returns on their property, research from Countrywide suggested.

Three times as many buy-to-let investors remortgaged over the past year for refurbishments, compared to 2016, according to the estate agent and mortgage broker.

Read the rest of this entry »

Posted in Buy To Let

Royal London’s Diabetes life cover is now widely available following a smaller launch last year through a limited number of advisers to test market appetite for the product.  Christina Rigby, product specialist at Royal London, said the feedback from advisers who participated in the pilot has been enthusiastic and helped further shape the product. Read the rest of this entry »

Posted in Life

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