I bought a one bed flat in North London a few years ago to live in with my partner. Recently we purchased our first flat together and have moved into it. I was able to secure the new mortgage partly based on the projected income from the old property – I believe this is known as “Let to Buy” and is becoming quite commonplace.
To avoid becoming a dreaded “accidental landlord” I’ve done a fair bit of research in the run up to moving out to ensure I know what I’m doing. Continue reading First Timer – Let to Buy
The Mortgage Works BuytoLet team have made major changes to their criteria and products focusing on First Time Landlords, Let to Buy, Purchasing from a family member and withdrawing from the regulated BuytoLet market.
This is significant for the whole of the BuytoLet market as The Mortgage Works have a very large market share of new business due to its popular, products, criteria and 80% Loan to Value range. All the changes detailed below are now in force for new applications. Continue reading The Mortgage Works BuytoLet major criteria and product changes
I was recently asked about buy to rent and having thought about the conversation afterwards I was amazed at how indoctrinated into the jargon of the financial industry I have become. This was to the caller a simple mix of perfectly reasonable English e.g. I want to buy a property and rent it out. Buy to rent is just as much a perfectly reasonable a name as buy to let, but we have so much jargon in the industry it is easy to misunderstand someone and go off at a tangent.
Buy to rent could be confused with Rent to buy, however the latter is a scheme designed for tenants to rent a property with the intention of buying, whereas a buy to rent landlord may have no intention whatsoever of selling a property to his tenant. Continue reading Buy to Rent
Let to buy landlords who move and rent out their home because they cannot sell the property are finding more tenants want to confirm they have a mortgage lender’s permission to rent.
More letting agents are demanding sight of written confirmation of permission to let from banks and building societies – especially if corporate tenants are involved in the agreement. Continue reading Tenants quiz landlords over permission to let
A garage hitting the market with a staggering £525,000 asking price in upmarket Knightsbridge, West London, has prompted a look for the cheapest homes for sale in the capital.
For homeseekers looking to buy outright, the cheapest home for sale in London is a one bed renovated houseboat in the Paddington Basin is on the market for £41,000, according to online property portal Rightmove. Continue reading London’s cheapest home is a £41,000 boat
Let to buy mortgage lenders are inflicting stinging interest rates on reluctant landlords who have to rent out their homes to move.
Brokers and lenders say they are handling more applications from homeowners who are desperate to move because of personal or work commitments.
Reluctant landlords have a choice – either asking their lender for a ‘consent to let’ or remortgaging under a let to buy deal that gives them the funds as a deposit for another property. Continue reading Reluctant landlords pay more for mortgage deals
Firstly with this being a milestone edition we have to thank you, our readers, for your valued and continued support. We invite your feedback at the bottom of this newsletter to ensure we continue to bring you the news you want to read.
Mary Latham looks at what the EPC changes mean to landlords, whilst Ben Reeve-Lewis sorts the rogues from the ridiculous and Julie Ford explores buy to let as the only possible option for first time buyers.
Continue reading Property118 Newsletter – our 100th edition!
The broken housing market is pushing more accidental landlords into the buy to let market, according to lenders and letting agents.
As homes are becoming more difficult to sell, desperate owners who need to move are turning to let to buy mortgages so they can buy a new home while renting their former home out.
Around 20% of buy to let mortgage applications handled by Platform, the Co-Op Bank’s property investment arm, are from let to buy owners who need to move home. Continue reading Let to buy is soaring, say lenders and letting agents
Mortgage underwriters are set to ask borrowers detailed personal questions about their spending habits as the banks tighten up lending rules.
Santander’s Abbey for Intermediaries – which includes buy to let lending for landlords – will quiz applicants about how much they spent on Christmas and birthday presents.
Other one-off spending will also come under scrutiny, like holidays, celebrations and ‘miscellaneous’ spending. Continue reading Bank wants to pry into your personal spending
As the buy to let mortgage wars hot up, several lenders are easing their terms for landlords.
Yorkshire Building Society has decided to offer buy to let across England and Wales, instead of just London and the South East. Continue reading Buy to Let Mortgage Conditions Eased