– News Sourced by Property118 News Team –
Kent Reliance has launched 80% loan-to-value buy to let and HMO mortgages. Rates include two and three year fixed and discounted deals.
The lender has joined the ranks of few banks and building societies inviting applications for houses in multiple occupation loans, specifically for student landlords.
HMO, student let and limited company mortgages start at 5.19%. Continue reading New mortgage deals for HMO and student landlords
The thriving buy to let market is driving a letting agent boom as firms respond to increasing demand from tenants eager to rent a home.
Two key nationwide firms are pouring millions in to expansion plans.
Countrywide has earmarked £5 million on growing lettings and has acquired a number of smaller specialist buy to let firms. Continue reading Business Booms for Letting Agents as Buy to Let Thrives
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
Landlords are expecting another bumper for year of buy to let, according to research by a property investment lender.
Just over half (56%) of landlords predict demand from tenants will continue to stay high.Few expect the private rental market to shrink – only 6% of landlords feel tenant demand will drop and hardly any (2%) expect rents to decrease, say the findings from Paragon Mortgages. Continue reading Landlords Expecting Another Year of Bumper Buy to Let
Landlord mortgage lender has changed borrowing criteria and released 50 new loan products – although most are just variations on fixed rates and terms.
The main changes to interest buy to let landlords are revised rent and income criteria that bring more purchase and remortgage deals in to the scope of loans Paragon underwriters can consider.
Most of the revamped products and application criteria relate to Paragon mortgages – but six are for subsidiary The Mortgage Trust.
Managing director John Heron said: “The new mix of products has been created to enable intermediaries to offer their landlord clients a flexible and open approach when looking for a buy-to-let mortgage.
“I would encourage intermediaries not to shy away from approaching us if they receive a more complex or unusual request from a professional landlord as we have extensive knowledge of how they operate, the type of funding they require and specific expertise in dealing with complex buy-to-let property purchases. Continue reading 50 new buy to let products from the Paragon Group
Buy to let lender Paragon Mortgages profits rose 12% to almost £81 million thanks to landlords building on their portfolios.
Paragon returned to lending in September 2010, and the pre-tax profit represents the first full year’s trading as a lender since the onset of the credit crunch. Continue reading Buy to Let Lenders Boast Booming Borrowing Figures
A buy to let mortgage lender called in more than £1 million of loans when a landlord described as one of Britain’s worst slum landlords was arrested for fraud.
The Co-operative Bank ruined the rental business by demanding Joshua Danski repay his borrowings when managers were alerted to his poor business practices. Continue reading Bank Pulls Plug on Britain’s Worst Landlord
The latest pointless buy to let survey has hit the news feeds with the headline finding that broker buy to let mortgage applications are up 3.1% during the three months ending September 30.
The problem is the figure is meaningless as the Paragon Mortgages survey gives no idea of the number of brokers taking part in the survey or any hard numbers about buy to let mortgage applications.
This survey is a typical example of a meaningless sentiment survey that is only aimed at garnering column inches to publicise the research sponsor. Continue reading Pointless Buy to Let Survey Offers Nothing
"49% of landlords believe tenant demand will continue its upward curve"
Tenants are still clamouring for buy to let homes, according to the latest survey of landlords.
Many landlords (44%) reckon tenant demand has increased in the three months ending September 30th, says Paragon Mortgages, the firm instructing the research.
Only 4% feel demand decreased.
Almost half of landlords (49%) feel tenant demand will carry on rising over the next 12 months.
Rents also continued their upward trend for the third consecutive quarter with a third (34%) of landlords reporting an increase, while only 4% confirmed rents fell.
Buy to let property yields remained steady – with a moderate 0.1% decrease to 6.1% over the quarter.
Average void periods – the time a property stands empty between rentals – also remained steady at 2.8 weeks.
Nigel Terrington, the mortgage firm’s chief executive, said: “Tenant demand has continued to increase for a third quarter, which is perhaps not surprising considering the current squeeze on the UK housing market as a whole.
“More people than ever before are relying on the private rented sector so it is positive to see that landlords are looking to invest in their portfolios and are also diversifying the types of property in which they are investing to meet tenant demand.”
One in four landlords (27 %) consider buy-to-let mortgages are either reasonably or widely available. The rest felt finance was not so accessible.
Meanwhile, a separate buy to let mortgage survey from broker Mortgages for Business revealed the number of mortgage products for landlords is soaring.
The number of buy to let mortgages and remortgages was 508 for the quarter ending September 30th, compared to 403 for the previous quarter.
Managing director David Whittaker said: “This is the third straight quarter in which the number of buy-to-let deals has risen in response to overwhelming demand from professional investors.
“With the base rate set to remain low for the medium term, property prices falling and demand from tenants showing no signs of dropping, investors will continue to capitalise on the healthy returns available from the buy-to-let market.”
"Buy to let is 15 today"
Buy to let is growing up fast, the industry celebrates its 15th birthday today (September 24, 2011).
Buy to let was officially born on September 24, 1996, at a meeting in London attended by the proud parents – the Association of Residential Letting Agents (ARLA), the Council of Mortgage Lenders and a number of mortgage lenders.
In those days, buy to let still represented a sizeable chunk of the UK housing market, but was not a popular general investment. Continue reading Buy to Let Hits 15
