Buy to let mortgage applications make up one in five of all home loan applications, according to one of the UK’s largest estate agents.
Haart also claims buy to let remortgage applications reached a new high for the year, despite the Council of Mortgage Lenders disclosing the number dropped by 1% in the first three months of the year in official figures. Continue reading 1 in 5 Mortgage Applications are for Buy to Let
Buy to let lending was the only bright point in a year when mortgage lending slumped to the lowest levels for almost 40 years, according to the Council of Mortgage Lenders (CML).
Landlord loans were up 40% in the year with advances of £14.1 billion against £10 billion a year earlier, says the CML annual report for 2011. Continue reading Buy to let shines as mortgage lending slumps to 40 year low
Principality has revised one of its two buy to let products upwards.
The new rate at 4.99% has a low fixed product fee of £999 and includes a free valuation and remortgage service, reducing upfront costs for larger loan amounts up to a maximum of 70% Loan to Value. Continue reading Principality 70% LTV buy to let rate revised
Godiva 3.65% two year Bank Base Rate Tracker for buy to let.
Godiva has an attractive looking Tracker product with fixed arrangement fees instead of a percentage of the loan amount, making it especially competitive for higher value loan amounts up to a maximum of 65% Loan to Value. Continue reading Godiva Rate Added to buy to let mortgage calculator
Buy to let mortgage brokers are celebrating a buoyant first quarter of business as landlord demand for loans increased.
Almost 80% of mortgage brokers expect buy to let to continue growing for the rest of the year, according to the findings of a buy to let broker sentiment survey by Paragon Mortgages. Continue reading Confidence is high for buy to let landlords and brokers
Landlords with Bank of Ireland buy to let loans can breathe a sigh of relief as mortgage interest rates are hiked by new owner the Nationwide.
The bank’s standard variable rates for residential mortgage borrowers are set to rise from 2.99%, to 3.99% in June and then to 4.49% in September, affecting around 100,000 customers. Continue reading Landlords safe from Bank of Ireland mortgage rate hike for now
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
-By Guest Columnist Daniel Coleman
The first ever government-backed mortgage indemnity scheme is set to be officially launched within the next few weeks. The NewBuy Guarantee scheme which takes off in March, aims to help 100,000 homebuyers who only have access to a five percent deposit to purchase a new-build property, in order to kick-start the housing market.
Under the new programme, developed jointly by the Home Builders Federation and Council of Mortgage Lenders, 95 percent mortgages will be made available to people spending up to the value of £500,000, a larger value than expected, on a new-build property. This will be great news for first-time buyers in the capital, where the average price of housing is much higher than anywhere else in the UK and also for existing homeowners who are looking to move up the property ladder into bigger homes. Continue reading First ever government-backed mortgage indemnity scheme set to launch in March
I read with interest an article in the Daily Mail this week based on an announcement by Santander that they are radically over-hauling their policy on interest only mortgages. Now you can’t get an interest only mortgage from Santander unless you have 50% deposit to put down.
Business as usual, they can run things as they see fit.
For those of you that may not know, interest only mortgages (monthly payments of interest but no capital) have soared over the past few years as people gambled on property price increases covering the outstanding capital by the time the mortgage finished or as cheaper monthly mortgages underpinned by a known future pension or inheritance payout. Continue reading A serious new blow to mortgage borrowers
Lloyds is the latest bank to tighten up interest-only lending criteria following the lead of Santander.
Both banks are significantly restricting interest only borrowing for personal residential mortgages, but leaving buy to let options intact. Continue reading Lloyds tightens interest only rules for landlords