Tag Archives: Aldermore

Booming Buy to Let Reality Check for Landlords Buy to Let News, Latest Articles, Mortgage News, Property Investment News

Buy to let mortgage lenders are creaming off the best borrowers and leaving the rest without any real hope of raising loans.

The reality of the market is more lenders are swooping like sharks in a feeding frenzy on landlords with the best credit ratings and highest rental yields, although they would have property investors believe they are helping swell the number of properties in their portfolios. Continue reading Booming Buy to Let Reality Check for Landlords

Property118 Landlords Newsletter – Issue 86 Latest Articles, Newsletter

The latest property and landlord related news with guest articles from industry experts. New guest columnist Councillor Jeremy Moulton looks closely at the new planning rules governing HMO’s, Mary Latham hits out against penalising good landlords, Ben Reeve-Lewis tackles the tactical world of mortgage repossessions and the Property Maverick offers more investment strategies.
Continue reading Property118 Landlords Newsletter – Issue 86

Aldermore Announce 80% LTV Buy to Let News, Latest Articles, Mortgage News, Property Investment News, Property Market News

News Sourced by Property118 News Team

Aldermore have increased the loan-to-value on its fixed buy to let range to 80%, as well as reducing its buy to let reversion rates by 0.5%. They’ve also reduced their two year discount and three and five year fixed rates.

The maximum portfolio size has been increased to 5 properties and £2million with a maximum loan available at £400,000. The property must also be valued at over £75,000. Continue reading Aldermore Announce 80% LTV

New Tracker Lender for Buy to Let Buy to Let News, Latest Articles, Property Investment News, Property Market News

Street with 'To Let' signs outside most houses
“State Bank of India set to enter the buy to let market”

A new buy to let mortgage lender is about to enter the market with broker-only deals.

The State Bank of India (SBI) has announced preparations to offer a 60% loan-to-value (LTV) tracker at 3.9%.

The first applications will be handled in branches and then opened to brokers and independent financial advisers.

The bank is accepting deals for loans between £50,000 and £1.5 million, and charges a £150 booking fee and £1,990 closing fee. No early redemption payments are charged.

SBI has 10 branches, mainly in and around London.

Leeds Building Society has launched a new five year 4.99% fixed rate buy to let mortgage at 70% LTV.

The closing fee is £1,299 and the lender allows borrowers make 10% capital repayments a year without penalty.

Borrowers are also being offered a free valuation and a legal service for remortgages in a bid to tempt them in.

Meanwhile, Kensington has pulled all 85% LTV buy to let mortgages; Skipton Building Society has raised the tracker rates from 3.24% to 3.59% and Aldermore Bank has stopped offering fixed rate deals.

Replacement deals are at more expensive interest rates or charge more fees.

Despite a flurry of activity among lenders, the market is still dominated by the big two – BM Solutions, owned by the Lloyds Banking Group, and The Mortgage Works (TMW), a Nationwide Building Society subsidiary

These landlord lenders have around a 90% share of the market.

The buy to let market has around 30 bank, building society and finance house lenders offering about 2,600 different loan deals at an average 23% loan-to-value.

Santander is the latest big name lender considering entering the property investment market. A spokesman has confirmed the bank is ‘considering’ buy to let loans to non-professional landlords.

Housing Market Boosted by Surge in Buy to Let Buy to Let News, Latest Articles, Mortgage News, Property Market News

Rising Blue Arrow

"85% more Buy to let valuations than August 2010"

Surging buy to let mortgage applications have boosted mortgage valuations to record summer levels, according to surveyors.

Property valuations for landlords were up 85 per cent in August on figures of 12 months ago, according to Connells Survey and Valuation.

The total number of valuations in August was just 4 per cent lower than July, but the number of valuations grew by 49 per cent year on year.

“We’ve had our strongest August since 2007 and the expected August dip hasn’t really materialised. Valuation activity was 96 per cent of the level in July, and with the summer holidays coming to a close, we expect it to pick up pace as September progresses.” said John Bagshaw, corporate services director of Connells Survey and Valuation. Continue reading Housing Market Boosted by Surge in Buy to Let

Yorkshire Launches Limited Buy to Let Lending Buy to Let News, Latest Articles, Mortgage News

Yorkshire Bank Logo

"Yorkshire Building Society moving inot buy to let"

Yorkshire Building Society is taking a tentative step in to buy to let lending with a limited range of mortgages for landlords.

Buy to let borrowing will be available through the building society’s subsidiary Accord Mortgages.

The plan is for a ‘suck it and see’ approach for the Yorkshire’s first foray in to the buy to let market by offering loans only in London and the South East.

Only a small flow of funds is available to start as the Yorkshire runs a live test on systems.

The Yorkshire inherited a buy to let lending book from recent merger with the troubled Chelsea Building Society.

Yorkshire’s head of buy to let, Jeremy Law, said: “As a financially strong independent mutual, our primary focus is, and always will be, the interests of our members.  We will approach buy to let mortgages as we would with any other home loan, as a responsible and prudent lender.

“Initially, we plan to offer products for properties located in London and the South East to ensure a manageable entry into the market.  However, we hope that we may be able to extend our geographical spread later in the year once we have our operation up and running.”

The Yorkshire has not released any product details yet.

Meanwhile other lenders continue to adjust their rates and lending criteria to make their offerings more attractive to landlords.

Aldermore Bank is inviting applications for buy to let mortgages from first-time property investors and increased the maximum age for borrowers to 85 years-old.

Charles Haresnape, managing director of residential mortgages at Aldermore, said: “We’ve listened carefully to feedback from brokers and expect these enhancements to our buy-to-let criteria to be well received.

“As we’re now happy to consider first time landlords, as well as increasing our maximum borrowers’ age to 85, these additional benefits make the product more flexible and helps to open up the buy-to-let market to new customers.”

The bank’s interest rates start at 4.68%.

TMW hots up buy to let mortgage war with new deals Latest Articles

A range of new buy to let mortgages is available from leading lender The Mortgage Works from April 13.

The Mortgage Works (TMW) – the specialist buy to let lending arm of the Nationwide Building Society – is among the UK’s largest lenders to residential property investors. Continue reading TMW hots up buy to let mortgage war with new deals

Buy to let mortgage options double for landlords Latest Articles

Buy to let borrowers and property investors can choose from almost 300 mortgage packages – more than double the number available a year ago.

Competition between banks and building societies has hotted up as more lenders joined the market, and is set to intensify as more prepare to start lending in the coming months. Continue reading Buy to let mortgage options double for landlords

Buy to let borrowing eases as lenders revamp deals Latest Articles

Buy to let mortgage restrictions are relaxing as more lenders announce a return to the market.

Aldermore Bank is stretching its comfort zone to take on a little more risk by allowing landlords to have loans on three rather than two properties, subject to a total loan value of £1 million and rent cover of 125%. Continue reading Buy to let borrowing eases as lenders revamp deals

Buy to let mortgage deals hot up for landlords Latest Articles

New lenders are eyeing buy-to-let as others are shaping up their deals to give landlords a wider choice of rates and products.

Yorkshire Building Society has indicated a move in to the market before July on the back of the merger with Chelsea Building Society, which had a large property investment lending book. Continue reading Buy to let mortgage deals hot up for landlords

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