It’s official – thousands more tenants are chasing fewer buy to lets as online property portal Rightmove reports searches for homes to let are up 66% over the past two years.
In the same time, the number of available homes has dropped by 25%. Continue reading Buy to let love affair is still blossoming for landlords
One of the leading buy to let industry lenders, BM Solutions, has released two new Remortgage only buy to let products that must complete on the draw down of funds by 30/06/2011. Continue reading BM Solutions – Buy to Let News Flash
The Mortgage Works (TMW) has cut interest rates across some buy to let mortgages and launched a new fixed rate deal.
Rates are down by 0.5% on mortgages for first landlords, let to buy borrowers and those offering free valuations and legal fees.
The new fixed rate is 4.99% at 50% loan-to-value over five years with a 3.5% arrangement fee. Continue reading Buy to let mortgage rates cut by TMW
The buy to let market will ride on the crest of a wave for another two years as mortgage lenders revealed they do not expect to help first time buyers for possibly years.
That bad news leaves thousands of expectant homebuyers adrift in the property market with letting as the only real option for setting up home.
The message from the UK’s banks and building societies is a clear ‘closed for business’ to first time buyers. Continue reading Buy to let wins as lenders dump first time buyers
A million buy to let properties could slide in to negative equity over the next two years if house prices keep falling, warns credit rating firm Standard and Poors.
Analysts at the agency reckon if house prices dropped by 5% this year and next year, 30% of the UK’s 3.1 million buy to let homes would be worth less than any mortgages owed on the properties.
Continue reading A million buy to lets may slip in to negative equity
Landlords are warned that around 680,000 buy to let homes could face a rental ban if they are not upgraded to meet new energy efficiency laws.
The warning was issued by Energy and Climate Secretary Chris Huhne, as part of the second reading of the Energy Bill in Parliament.
Continue reading Landlords could see red over Green Deal letting ban
EU rules that aim to tighten up mortgage lending may have an unforeseen impact on buy to let.
The draft EU mortgage directive covers all mortgages for residential property and sees no difference between buying as a home or buy to let.
The main issue for lenders is the directive makes them more responsible for showing a borrower can afford a loan. Continue reading EU mortgage rules could trap buy to let lenders
Landlords are reporting a continuing demand for rented homes as mortgage lenders keep a tight lid on borrowing.
Signs are that the market is shifting away from first time buyers in favour of buy to let as the UK’s largest property investment lender, the Nationwide, called for more tax breaks for landlords.
The Nationwide – which lends to investors under The Mortgage Works brand – said they would rather lend to an established landlord at 95% loan to value than a first time buyer. Continue reading Tenants still queuing to rent, say buy to let landlords
The risk of drugs gangs preying on unsuspecting buy to let landlords to set up cannabis farms was highlighted in two separate court cases this week.
Insurer Aviva warned property owners that claims for damage to property had soared by almost a third last year as police seized more than 750,000 plants – mostly in lots of less than 50 plants. Continue reading Buy to let cannabis farmers jailed
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