Did you know that commercial lenders have three main categories of manager called Hunters, Farmers and Retailers?
This is very relevant if your business is dependent upon knowing which commercial lenders are hungry for business. Before I explain, please allow me to introduce myself. My name is Cliff Verrill, I’m a commercial finance broker and previously worked with Mark Alexander (founder of Property118.com) when he ran The Money Centre. We have remained very good friends.
I’m a member of the National Association of Commercial Finance Brokers (NACFB) and my current firm are sponsors of Property118, having supported the community with over £20,000 of investment in 2013 alone. You can read more about me on my Member Profile.
Now back to my explanation …… Continue reading Which Commercial lenders are hungry for business?
I just created the petition “Bank of Ireland – DO NOT change interest differentials on Tracker Mortgages” and wanted to ask if you could add your name too.
This campaign means a lot to me and the more support we can get behind it, the better chance we have of succeeding. You can read more and sign the petition HERE: Continue reading Petition – DO NOT change tracker mortgage interest differentials
The Bank of England Funding for Lending scheme will now allow Small and Medium sized enterpises (SMEs) to lend the money available on to property investors.
The Funding for lending scheme has been extended another year until January 2015 and from 2014 banks will be able to borrow £10 of cheap Bank of England money for every £1 the lend to SMEs. This has double the previous allowance of £5 for every £1 banks lend.
This doubling of incentive to try and stimulate the economy could have a very positive effect for property investors for the first time as Buy to Let is still seen as relatively low risk by banks compared to taking an educated gamble on a start up business.
Rob Wood, chief UK economist at Berenberg Bank, said ‘It could be a no-brainer. Lend to a landlord and get 10 times that lending back as essentially free funding, then recycle some of that back out again on mortgages or BuytoLet.’
£80 billion has been set aside by The Bank of England for this scheme to kick start the economy and get lending available to business, but to date the take up by banks has been disappointing with £14 billion being taken between August and December last year. However it is hoped that the extended scheme and greater incentive will boost the take up and for the Private Rental Sector add a much needed injection of competitive financing.
Tony Salmon of Nottingham
I am a Landlord and support The Good Landlords campaign
Continue reading Tony Salmon of Nottingham
My partner’s ex-wife & their son reside in the ex-marital home, courtesy of the divorce agreement. She is required to maintain it & keep it in the (good) condition it was in when he vacated in 2006. This situation will remain until 2016.
Anecdotally, we know that the property is not being maintained, internally or externally, and we have just discovered that the gas boiler broke down & has not been used for at least a year. They keep warm with halogen heaters (we have been told) but we have no knowledge of how the water is heated, if at all.
My partner is not allowed any access to the property, unless by invitation, to check the situation but is concerned that he could be viewed as ‘landlord’ and be liable for things like gas safety. His ex-wife will not ‘invite’ him inside but from the doorstep we can smell damp when the front door is opened.
For info, the property has a small o/s interest only mortgage. Ex-wife supplies a certificate of buildings insurance annually. Mortgage is is my partner’s sole name.
I am absolutely amazed that in this current economic climate with the government making people down size to smaller homes or pay a “bedroomTax” and more people having to rent because they cannot afford to buy, that a buy to let landlord cannot obtain a mortgage for property valued under £40,000.
I own a Ten property portfolio great credit rating and employed status to show income, I can get £100-£150k mortgages no problem.
However at my location the most lucrative properties are one bedroom Uni Flats current market value £35 to £40K, over the past 20 years I have own over 20 of them and have just bough another for £25k cash refurbished it for £3k and have a Tenant paying £315 per month.
The question is why cant I get a Buy to Let mortgage?
Not only is the risk to the Lender minimal should the worst happen, the loss would be minimal. Lending lots of smaller amounts would mean lots more in fees and it is the sector which the government agree needs the most help i.e. homes for young people, single parents affordable housing.
What do you think?
Are there any decent deals out there for low value buy to let mortgages?
I would like to tap the experience and expertise of the community with regards to my local Environmental Health department.
Some history ….. I have a large building which is an HMO. I applied for a licence and the council came down and went through the building. The short version is that they said some of the rooms were too small and that I needed to convert one of the rooms in to a kitchen and some other works which I agreed to and had done. Continue reading Scope of Environmental Health – to incetivise tenants ??
Electrical inspections are to me a very grey area. I rent all of my properties unfurnished as over the years I have found that most of my tenants prefer this. Therefore I do not require PAT testing to be carried out.
I would like some guidance as to how often I need my properties inspected for electrical safety.
I know that my electrician would like it to be every 2 years but is this really necessary?
Jan Martin – member of The GOOD Landlords Campaign
Paul McVeigh is a friend of mine, we share a lot in common including blogging, public speaking and of course being landlords. He’s just published a book called “The Stupid Footballer Is Dead” which provides an excellent insight into the mindset of the modern professional footballer, both on and off the field and post retirement.
Paul retired from professional football a few years ago after a 16 year career playing for clubs including Tottenham Hotspur, Luton Town, Burnley, Northern Ireland and, in my opinion most importantly, Norwich City which is where we were introduced via a mutual friend who is a sports lawyer.
If you are anything like me, the opportunity to understand how successful people think is extremely valuable. Obviously you will enjoy Paul’s book a lot more if you are into football but even if you are not, it’s worth reading. Remember, Paul is also a fellow landlord, as are several professional footballers these days.
Is the mindset of a successful landlord and that of a successful footballer that different? Well read his book and draw your own conclusions on that one 🙂
You could just buy the book from Amazon but if you would like to get hold of a personally signed leather copy please see THIS LINK
The Stupid Footballer Is Dead – cover page image below
I’m often asked whether I think it’s a good idea to let properties on a furnished or unfurnished basis. A friend of mine recently said that he was surprised I had not written an article about this and, in particular, about furniture packs.
Unless you buy properties to let as holiday homes, short term lets, student lets or own modern city centre apartments targeting overseas business visitors or short term contractors the thought of letting a property furnished, let alone buying furniture packs, may well be an alien concept to you. Continue reading Why do landlords buy furniture packs?