Peter Curran, Head of Intermediary Distribution at Lloyds Banking Group recently announced, “From 25 September, buy to let property portfolios will be limited to a maximum of three properties, or £2m worth of lending (whichever is exceeded first), across Lloyds Banking Group. At the same time, buy to let products will no longer be available via intermediary channels through either the Cheltenham and Gloucester or LTSB Scotland brands. Pipeline applications will be honoured but any subsequent changes will be assessed under our new policy. The changes will be effective from close of business on 24 September.” Continue reading Birmingham Midshires to restrict lending to three buy to let mortgages per landlord. Lloyds squeeze this market further by refusing to lend on more than three buy to lets across all of their brands.
In this article I look at the differences between owning property as joint tenants, tenants in common or as individuals. I also explain why portfolio landlords who are married couples should own half the properties each in single names and how to deal with property ownership which is not structured for optimal tax purposes right now. Continue reading Is your property portfolio ownership structure optimised to enable you to pay the minimum amount of CGT, income tax and IHT?
The UK’s average property value is currently £167,953, according to the Halifax’s latest survey.
It is probably fair to say that every landlord owns at least two properties, their own home plus at least one buy to let property. Therefore, excluding any other assets or life insurance policies, their assets are likely to exceed the £325,000 nil rate band for Inheritance Tax (IHT). Continue reading Landlords could be lining the Tax Mans coffers if they live through the next property cycle. Born free taxed to death? This needn’t be the case for readers of Landlord News
Buy to let mortgage borrowers can breathe a sigh of relief for another month as the Bank of England’s Monetary Policy Committee has voted to keep the official bank rate steady at 0.5%.
The decision means the bank rate has remained at the record low of 0.5% for 18 consecutive months since March 2009. Continue reading Bank of England pegs interest rate at record low yet again. That’s 18 months in a row but what does this mean for landlords?
Independent mortgage advisers have thousands more loan products to choose from across the market than direct providers like banks and building societies.
Independents could source mortgages for clients from an August average of 4,545 products – up 19% from a July average of 3,807 – while direct lenders could select from a restricted range of 1,505 loans – up 7% from the 1,401 available in July. Continue reading Brokers break the banks for mortgage choice. PR based report from Trigold Crystal, a software company providing mortgage sourcing software for brokers
The two firms Directors explain how the relationship will enhance the relationship with, and the service available to, the customers of both businesses. Continue reading IFA firm joins forces with The Money Centre
Mrs Anne Nixon, a Mortgage Express customer, has reported to landlord News;
“Over the last year I have over-paid 2 of my mortgages by over £7,000 through Mortgage Express’ ‘Choices’ scheme advertised by them as providing ‘flexibility’ ‘building up a pot of money to be accessed when needed’. Continue reading Mortgage Express client labels their Choices Overpayment Scheme “sharp practice”.
Buy to let mortgage advice
Many investors have become cashflow beneficiaries of the ‘Credit Crunch’ due to the lowest interest rates in history. A question I am often asked is, “Should I use the extra cashflow to reduce my mortgage balances?” I appreciate that one day interest rates will go back up again and the base logic for what I consider to be the incorrect decision to repay debt now is to reduce payments in the future. Continue reading What you shouldn’t do – buy to let mortgage advice