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Mortgage News

Bank of Ireland Legal Action – NO-WIN-NO-FEE

12/09/2016

We are now ready to begin legal action on behalf of Property118 Action Group members affected by the Bank of Ireland decision in 2013 to increase the differential charged on their tracker rate mortgage products. Many of those affected by the sudden increase in their mortgage payments, despite there being no increase in the bank base… Read more

Property118 Action Group Respond To BoI & Skipton Defensive Statements

21/07/2016

Bank of Ireland and Skipton Building Society are both relying on “exceptional circumstances” to justify ripping of mortgage borrwers for more interest than they are due to pay. In recent statements to Mortgage Strategy magazine the lenders reacted to the Property118 Action Group Court of Appeal WIN against The West Brom:- A Skipton spokesman said:… Read more

Property118 Action Group Win At The Court of Appeal

08/06/2016

In this article we reveal the detail of:- The history behind our legal action against West Bromwich Mortgage Company The Court of Appeal ruling and the knock on implications Other legal action campaigns we would like to take on as representative actions Details of the Property118 business model moving forwards Our business plan How Property118 intends to… Read more

New Tax Strategy For Accidental Landlords

08/04/2016

For those new to buy to let and considering the letting of their current home, in order to buy another for themselves (usually at a higher price) there is a way to avoid the 3% SDLT surcharge on the more expensive property by following this strategy. Create a new limited company and sell your current… Read more

Incorporation Relief to go in Autumn Statement?

21/11/2015

I was horrified to read a prediction on the highly credible Accounting Web that s162 tax relief used to mitigate CGT when incorporating a property letting businesses could be a victim of George Osborne’s Autumn statement next Wednesday (25th November). If the Chancellor does make such an announcement those landlords currently looking to incorporate can but hope… Read more

2015 Finance Bill Receives Royal Assent

18/11/2015

18th November 2015 may well be marked in history as the beginning of the end for most private buy-to-let landlords. Restrictions on the amount of financing costs which can be deducted by individuals, partnerships, trusts and personal representatives when calculating their income from a property business are included in the Act (s 24). The amount of… Read more

Avoiding Restrictions on Finance Cost Relief for Landlords

11/11/2015

GENERAL GUIDANCE If you have been retaining profits after paying the higher rates of income tax then you have probably been paying more tax than necessary. IS TAX AVOIDANCE LEGAL? The law regarding tax avoidance was clarified nearly 80 years ago. In 1936 a landmark legal case was heard in the House of Lords… Read more

Local Authority Lets, No need to take a chance!

08/02/2015

Letting a property on a 3 of even 5 year contract to the local authority may seem like an attractive idea for some landlords. As well as helping to ease the chronic public sector housing shortage, the landlord benefits from a guaranteed rent paid into their account every month without fail for the period of… Read more

FOS rule West Brom Tracker Rate Hike is fair

16/11/2014

The FOS (Financial Ombudsman Service) have done it again! In the past the FOS have controversially agreed that rate hikes applied by Bank of Ireland, Skipton Building Society (Amber Homeloans) and also the Danske Bank (formerly National Irish Bank) were fair. Therefore, is it really that shocking that FOS would also rule in favour of West… Read more

Innovative New BTL Mortgage Product

15/09/2014

85% LTV, low rates and fees AND positive cashflow on new BTL purchases? Yes it’s true, and it’s available NOW! The eagerly awaited collaboration between a market leading BTL mortgage provider and the UK’s only provider of BTL equity finance has now been launched – AT LAST!!! The resultant product allows landlords to purchase properties… Read more