Readers Question

Man reviewing tenant issue at desk with documents and laptop

Change to stop rentals in flat development?

Author: Readers Question

12th December 2023, 3 years ago | 16

Hello, I have owned 3 flats in a block of flats for 20 years, which I rent out, and the...

The average buy-to-let mortgage rates for some typical two-year fixed rate deals favoured by landlords have doubled since the start of the year, it has been revealed. According to Property Master's Mortgage Tracker, the average rate for a typical £160,000 BTL mortgage fixed for two years for a Loan to Value (LTV) of 60% had more than doubled since the start of this year – from 1.69% in January to 3.43% in August. This took the monthly cost, including fees, from £262 to £494, an increase of £232. The online buy-to-let mortgage broker also found that the same mortgage fixed for five years had also increased dramatically from 1.94% in January to 3.5% in August - an increase in monthly costs, including fees, from £273 in January to £481 in August, up £208. 'Cost of buy-to-let mortgages continues to rise inexorably' Angus Stewart, Property Master's chief executive, said: "The cost of buy-to-let mortgages continues to rise inexorably. "Obviously, much of this reflects the Bank of England's decision to hike interest rates for the sixth time earlier this month but there are other factors at play too. "We are seeing reduced competition in the buy-to-let mortgage market caused by a combination of factors with some lenders using higher rates to manage customer demand, whilst others are taking the opportunity to widen their margins." He added: "We have said for some years that increased regulation and higher costs were leading to the professionalisation of the private rented sector. "In reality, this will mean fewer but larger landlords. 'Unaffordable rises in mortgage costs' "For many of the smaller players in this market, unaffordable rises in mortgage costs will undoubtedly lead them to conclude buy-to-let no longer works for them. "Indeed, the latest figures from HMRC show a dramatic increase in takings from Capital Gains Tax suggesting many landlords are deciding this is the moment to sell-up." The Property Master Buy-to-let Mortgage Tracker follows 30 lenders who constitute around 75% of total BTL mortgage lending.

The same BTL mortgage deal that is worse for existing customers?

Author: Readers Question

11th December 2023, 3 years ago | 4

Hi, The mortgage lenders have got creative with BTL deals of late. Higher fees for lower rates, but this bit...

eviction notice opened envelope landlords property118.com

Section 21 advice needed – buyer waiting?

Author: Readers Question

11th December 2023, 3 years ago | 24

Hello, Our tenant of 8 years has a periodic tenancy. We gave written notice in May 2023 and put the...

Legal standing regarding rent payment amid property handover delay?

Author: Readers Question

8th December 2023, 3 years ago | 4

Hello, I have leased a one-bedroom flat to a council since 2001 but after repeated requests to pay me near...

Can I sell though I’m going to trial?

Author: Readers Question

7th December 2023, 3 years ago | 11

Hello, I issued my tenants with a s21 which they defended because the first Gas Safety certificate upon moving in...

Service charge allocation: was a consultation required?

Author: Readers Question

7th December 2023, 3 years ago | 4

Hello, my question is in the context of the Commonhold and Leasehold Reform Act 2002. Here is the relevant part...

Real estate Sales manager giving keys to customer after signing rental lease contract of sale purchase agreement, concerning mortgage loan offer for and house insurance.

Freehold to leasehold flat – should I abandon the sale?

Author: Readers Question

6th December 2023, 3 years ago | 3

Hi everyone, I had an offer accepted on a top floor flat which shares the building (built late 1800s) with...

Snooping on benefit bank accounts (including landlords?)

Author: Readers Question

6th December 2023, 3 years ago | 10

Hello, benefit claimants will reportedly have their bank accounts monitored under new “Big Brother” anti-fraud plans drawn up by the...

Two professionals discussing withheld landlord documents during a property handover.

Do I have a say in new leasehold managing company?

Author: Readers Question

6th December 2023, 3 years ago | 5

Hi, I have just received a letter from the leasehold managing company informing me they are no longer going to...

pic of landlord tenant law book RTM property118

Do I need to hand out the How to Rent leaflet?

Author: Readers Question

5th December 2023, 3 years ago | 22

Hello, I have provided the How to Rent literature to my tenants when they moved in (and used a great...

Replace old combi boiler?

Author: Readers Question

5th December 2023, 3 years ago | 23

Hello, I’m considering replacing a combi boiler. However, in view of proposed changes in legislation regarding home heating that may...

Tenant’s deposit not registered by agent?

Author: Readers Question

5th December 2023, 3 years ago | 4

Hello, Where does the landlord stand from the legal point on the following scenario? Tenant paid deposit when he moved...

Help! Tenancy without satisfactory EICR?

Author: Readers Question

5th December 2023, 3 years ago | 11

Hello, I’m looking for some advice please. I had an EICR carried out a while ago, all arranged by the...

British Gas homecare checking boiler landlord servicing property118.com

Gas Certificate has run out while the non-paying tenant remains?

Author: Readers Question

4th December 2023, 3 years ago | 17

Hello, My tenant hasn’t paid a penny since he moved in in May 2023, so I have been trying to...

Have you had First-tier Tribunal experiences in rent rises?

Author: Readers Question

4th December 2023, 3 years ago | 14

Hello, Has anyone had any experience with the First-tier Tribunal (FTT) for market value case? History is, tenant moved in...

tenant with condensation, mould, damp, landlord, sueing property118

Condensation Issue – Any effective solution? HELP!

Author: Readers Question

4th December 2023, 3 years ago | 9

Hello, there’s condensation in our newly refurbished property. There’s water dripping from the walls and the windows are all wet...

How to fill in the N325 form landlord property118.com

Can you help me with N325?

Author: Readers Question

1st December 2023, 3 years ago | 11

Hello, I have been granted repossession and been provided with a date (12th December) for eviction and awarded Rent Arrears...

pic of landlord packing up a late tenant's possessions property118

Tenant now trespasser on driveway and abandoned possession?

Author: Readers Question

1st December 2023, 3 years ago | 21

Hello, my tenant (Italian citizen) got evicted through a legal channel, however tenant started staying in the CamperVan in the...

Landlord reviewing a property management contract before signing termination terms.

What’s the legal course for a tenant who wasn’t given a proper legal contract?

Author: Readers Question

1st December 2023, 3 years ago | 2

Hello, I am a new landlord. I have learnt from a prospective tenant in Wales that the current landlord has...

landlord uk question locksmith property118.com

Forfeit a lease and change locks?

Author: Readers Question

1st December 2023, 3 years ago | 2

Hello, I want to forfeit a lease and take control of my warehouse by changing the locks, I have a...

Could UK benefit from New Zealand’s playbook?

Author: Readers Question

30th November 2023, 3 years ago | 7

Hello, a coalition agreement was signed in New Zealand this week following the recent election. Here are two highlights: 1)...