Tag Archives: The Mortgage Works

The Mortgage Works – articles and discussions between buy-to-let landlords who discuss this incredibly popular lender “warts and all”

Nationwide scraps remortgages for Buy to Let !!! Buy to Let News, Landlord News, Latest Articles

In an announcement that seems to make no sense, the Nationwide who own their own Buy to Let arm “The Mortgage Works”, have said they will no longer accept remortgage applications from Nationwide customers where the purpose of an increased loan is buying investment property.

A Nationwide spokeswomen said, “as part of Nationwide’s move to a single mortgage processing system, the society is streamlining a small number of specific lending scenarios and reducing manual processes.”

“As a result, additional lending to existing Nationwide residential mortgage customers to purchase a second property, where the new property is to be let out, is no longer available.”

The Mortgage Works, will still accept remortgage applications to fund buy-to-let, but just not from Nationwide customers.

This seems completely contradictory to have a policy from the parent company banning doing business for the purposes of its subsidiary!

Andy Young of TBMC said “there have been restrictions on capital-raising through remortgages for business purposes, so this may be the reason for their decision. Even then, this is a confusing policy indeed.”

In probably even more of a controversial move the Nationwide have stopped lending to our armed forces when they are based overseas serving our country.Nationwide


Buy to Let Mortgage products and market update – essential reading Buy to Let News, Landlord News, Latest Articles

Having just updated the Buy to Let mortgage products on our own in house Buy to Let Mortgage sourcing system and calculator I thought I would give you a summary of what’s Hot or Not in the current market.

Virgin Money have been added to the system because of their helpful attitude and criteria which includes:

  • Day one remortgages – So no need to wait 6 months to remortgage for cash purchases, refurbs, Auction purchases etc
  • First Time Buyers
  • Regulated Buy to Let

However Maximum LTV is 70%. Stand out different product is a 5 year fixed at 4.09% with £750 Cash Back and 2.5% product fee (better for smaller loan sizes where looking to fix costs long term is important.

The Mortgage Works (TMW) always been and old favorite of mine going back to 2003 have a selection of 80% LTV products and no income requirement for existing landlords.

Interestingly they have no longer term products currently above an initial 2 year deal. This will either be because they have purchased no long term funds or are uncertain of market direction at the moment. Example products range from:

  • 2.49% two year fixed with 2.5% arrangement fee at 60% LTV (really only a headline grabber) to
  • 4.14% 2 year fixed 2.5% fee at 80% LTV (one of the lower interest rate high LTV products)

BM Solutions were the old industry go to lender until introducing a maximum exposure of 3 mortgages, but still have one of the most comprehensive range of products up to 75% LTV.  They are also often helpful for flats above or adjacent to commercial premises.

  • 3.19% 2 year tracker £1295 fee 60% LTV
  • 3.89% 2 year tracker 0.5% fee 75% LTV
  • 4.34% 3 year fixed 1% fee 75% LTV
  • 4.99% 5 year fixed 1.25% fee 75% LTV

BM Solutions have NO customer service staff so any mortgages or further advances even must be done by a broker.

Kent Reliance are really mostly famous for being THE 85% LTV lender.

However minimum property value £75,000, proof of £25,000 income required stress tested at 192 times monthly rental income.

  • 4.99% 2 year fixed 2.5% fee 85% LTV reversion rate 6.58%
  • 4.89% 2 year discount 2.5% fee 85% LTV reversion rate 6.58%

Aldermore have a good range of 80% LTV products at 4.98% including 2, 3 and 5 year fixed and a varibale rate for the term. They will do day 1 remortgages for properties bought with a bridging loan on a like for like basis and inherited properties.

They will also consider customer with light adverse credit which very few lenders will allow including:

  • 1 or 2 missed mortgage payments over 12 months
  • CCJs and Defaults registered over 3 years ago
  • Missed unsecured credit payments such as credit cards, mobile phone, loans et

Principality have a penalty free no tie in 2 year discount product at 3.39% with only a 1% + £99 fee at 60% LTV.

Also interestingly they will consider Holiday Homes on their BTL range!

Godiva owned by the Coventry building society are the “Does what it says on the tin lender” I liken them to the Yorkshire tea, or a sliced white loaf of a the buy to let product market. Nothing spectacular just a good solid no frills value for money products.

  • 3.49% variable penalty free for the term of the loan, £999 fee max 65% LTV (very good value with flexibility)
  • 3.79% 2 year fixed, £500 fee max 65% LTV
  • 4.74% Standard variable penalty free no fee max 65% LTV

Cost and product wise the market has been reasonably stable with small improvements adding up each month giving a healthier range of options available especially in niche areas such as:

Terms beyond retirement age, Bridge to Let, Remortgages inside 6 months, Ltd company applications, Higher LTV, Lower fees, Light adverse, Holiday let and more.

All of the above products, lenders and many more can be found by using our Buy to Let calculator and quote engine Please Click Here

If you need any assistance with a Buy to Let mortgage you can also:

Email: info@property118.com or

Telephone: 01603 489 1182013


Who will lend on a property with no bathroom? Latest Articles, UK Property Forum for Buy to Let Landlords

I’ve got my heart set on a property going to auction, which has no bathroom.

I can get a mortgage to easily cover the cost of the property. But the problem being, it’s got no bathroom.

Went to Lloyds, and delved into what their surveyors will pass an approval on, and basically saved £300 on a survey, by finding out prior to ordering a survey, that they won’t pass a mortgage unless it has a kitchen, and bathroom (in no matter what condition though).

Would someone be kind enough to enlighten me as to what products are out there, that would lend on such a property?

I believe The Mortgage Works have just pulled a product which would have covered this? Who will lend on a property with no bathroom

Cheers

David


The Mortgage Works Return of Property Latest Articles, UK Property Forum for Buy to Let Landlords

Has any landlord out there had or has a multi property portfolio on one mortgage with The Mortgage Works?

Have you ever sold one of those properties and had a difficulty with their ‘return of property’ process in which they tell you how much of the mortgage capital you have to repay to get them to agree to discharge the security on the sold property?

I am in dispute with them because I think the process is unfair and because they did not follow a specific request.

I don’t want at this stage to go into great detail as the matter is with the Financial Ombudsman and I may wish to take it to court. The Mortgage Works

Regards

Mike


Buy to Let mortgage products and criteria – market update Buy to Let News, Latest Articles

After updating and writing the article on our Buy to Let mortgage sourcing system and calculator I thought I would give readers an update of what is still available and popular in the market.

You can find all these products on our system and get a quote (CLICK HERE), but many people ask me what has changed since they last took out a Buy to Let mortgage normally pre-credit crunch.

Loan to Value (LTV):

The industry standard maximum LTV is now 75% as opposed to 85% up to 2008.

You will find the cheapest rate products and and fees around the 60 – 65% LTV region with sub 3% short term rates or products with no arrangement fees and fees assisted such as Valuation and Legal cost.        Eg. 2.49% 2 year fixed with 2.5% fee

80% products will tend to have higher rates around the 5% point, with increased arrangement fees and stress testing to cover the perceived increase in risk compared to lower LTV products. A popular market provider of 80% LTV products is The Mortgage Works with rates starting from 4.14% 2 year fixed with a 2.5% arrangement fee to 5.29% with a £995 fee.

85% is still available with Kent Reliance but at a cost to rates fees and criteria – 4.99% 2 year fixed product fee 2.5% and reversion rate after initial term 6.58% SVR (ouch). Minimum property value £75,000 and £25,000 applicant earned income with proof.

Stress Testing:

How much you can borrow based on the rental income aka Stress Testing has actually changed very little over the years since 2008.  With reduced Loan to Values, lower property prices and increased rental income the amount you can borrow based on rent is not normally an issue unless the property is particularly poor yielding or the Loan to Value is high with a high stress testing.

The average stress testing figure is based around 5% notional rate and covering the interest by 125%. This in plain English equates to being able to borrow 192 times the monthly rental income. However at lower LTVs and interest rates this could be as much as 300 times or as little as 154 times for 80% products.

Criteria:

You can still borrow on Buy to Let mortgages for non standard properties such as HMO’s, new build flats, Multi-Unit, flats above none smelly or noisy commercial, however you have to be prepared depending on lender and the property for a lower LTV, higher interest rate and higher stress testing to cover the lenders perceived risk again.

Borrowing on Buy to Let mortgages in the name of a Limted company is still possible with Lenders such as Keystone, but it is preferred to be a Single purpose Vehicle rather than a Trading Ltd company and the options are vastly reduced. Therefore the tax advantages of purchasing using a Limited company can often be negated by difficulty and cost in finding finance.

Example Products:

Some other products not mentioned that I noted when updating the system as potentially stand out were:

3.99% 2 year Tracker Libor Tracker No Fee and Free Valuation 75% LTV

4.98% 5 year fixed £1,999 fee 80% LTV

3.49% Flexx variable mortgage for the term Fees £999 with no early repayment charge and free remortgage service and Valuation 65% LTV

4.74% Standard variable for the term No fees No early redemption penalty free valuation 65% LTV

2.99% 2 year fixed 2.5% fee 75% LTV

To Search for all the products on our own in house Buy to Let mortgage sourcing system and calculator please CLICK HERE

For any assistance you may need with a Buy to Let mortgage please email info@property118.com

Tel: 01603 489118Buy to Let Mortgage system

 


Light Refurb alternative – Bridge to Let Buy to Let News, Latest Articles

The Mortgage Works have withdrawn their popular and industry leading Light Refurb product, which allowed a property to be financed using a Buy to Let mortgage even though it required a small amount of work before it could be Let (usually a lender will insist on a full retention if the property is not in rentable condition). However as one door closes another opens and Precise Mortgages Bridge to Let product allows borrowers to switch their bridging loan into a Buy to Let product after four months.

There are no additional valuation or legal fees and customers are allowed to take a Buy to Let loan up to 75% of the property’s post works valuation.

To date Bridge to Let products have been useful but the monthly interest rate on the buy to let element has not been competitive and expensive when compared with normal Buy to Let rates.

Bridge to Let is available to:
• Property investors who are carrying out refurbishment works before letting a property.
• Property investors who want to refurbish a property and use the profits to re-invest in a new project.
• Bridge to let products are only available to Precise Mortgages Bridging customers.
• Not available to first time landlords.

The Bridge:
• Select any Precise Mortgages Bridge Product (there are no restrictions).
• Minimum Bridge Term is 4 months.

The Buy to Let:
• Free legals and valuation when exiting a Precise Bridge.
• Choose a Buy to Let product from the Bridge to Let range.
• Max LTV is 75%.
• Min term 5 years, max term 30 years.

If you require any assistance with this type of product or finance please complete the form below.

Contact Howard Reuben

Mortgages, Commercial and Bridging Finance, Life Insurance, Wills, Trusts and LPA's
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Bridge to Let


The evolution of the Private Rented Sector – Deed of Assurance Buy to Let News, Cautionary Tales, Landlord News, Latest Articles, Legal, Letting, Lettings & Management, Press, Property Investment Strategies, Property Market News, Property News, The GOOD Landlords Campaign

TMW now agree to three year AST's - Stupidly in my opinionWhy on earth would The Mortgage Works “TMW” agree to three year AST’s?

More to the point, why would landlords and tenants?

It has always been legally possible for landlords to offer AST’s for up to 3 years and indeed in theory for any fixed term though a term longer than 3 years, even by one day, means the agreement must be executed as a Deed and witnessed. However, until now, you would almost certainly be in breach of your buy to let mortgage conditions if you agreed to a tenancy of more than 12 months. TMW have broken the mould by agreeing to allow landlords to offer 3 year AST’s. However, in my opinion they are doing nobody any favours including themselves.

I have read Shelters arguments about offering stable rental contracts and to some extent I can see where they are coming from. However, I think the concept of longer term AST’s are potentially dangerous for landlords, tenants and mortgage lenders. Perhaps the most compelling evidence for this belief is that Shortholds first made their appearance courtesy of The Housing Act 1980 in the guise of Protected Shortholds. These tenancies had to be granted for a minimum 5 year term and came with other restrictions on notice being given and rent increases.

Although an improvement on the then Secure tenancy regime The Protected Shorthold was not popular with Landlords and the lesson was surely learned with the improved terms applying to Assured Shortholds as introduced in the Housing Act 1988 and amended since.

The concept behind 3 year AST’s

three year AST conceptPeople with children in schools and also retired people want more security of tenure but not at the risk of being tied to one property if their circumstances change. What these tenants don’t like is the idea of a landlord having the ability to serve notice on them after just six months regardless of whether they have been model tenants and just got settled or not.  I sympathise with that and I’ve met several people who have been in that exact position. Indeed one of my former employees was forced to move twice in less than 18 months through no fault of her own. She was a model tenant but in one case the landlords decided to move back to their former property and in the other case the landlords decided to sell. My employee had a disabled daughter and it was very important to her to keep her daughter settled in the same school. She had done nothing wrong but had to deal with a lot of stress and worry, not to mention the expense of having to move.

The problems with three year AST’s

If a landlord grants a three year AST there is no ability to gain possession on “no fault” grounds under section 21 of the Housing Act 1988 unless there is a break clause that can be operated to shorten the originally stated fixed term. This of course defeats the object of a longer term tenancy, certainly from the tenant’s viewpoint. What this means is that there is absolutely no way to legally evict a tenant during the first three years unless the tenant is in breach of their tenancy agreement as mandatory possession will not be available to the Landlord.

What’s wrong with that? I hear you say.

Well just consider a few “what if” examples:-

  1. What if the landlord falls ill and needs to sell to raise cash?
  2. What if the landlord dies?
  3. What if the landlord goes bankrupt?
  4. What if interest rates go up and the landlord can’t afford to pay the mortgage and needs to sell?
  5. What if the landlord desperately needs to move into the property due to an unforseen change in circumstances, e.g. a marriage breakdown?
  6. What if the landlord get’s divorced?

The list is a very long one already and I could go on. The killer blow for me from a landlords perspective is that if the tenant doesn’t comply with the tenancy agreement the only way to get possession before the end of the fixed term is by mutual agreement with the tenant, or by serving a section 8 notice for the breach. This can be and often is challenged though the serious arrears Ground 8 is a mandatory ground, whereas a section 21 notice cannot be challenged other than on its legal validity and ability to enforce it. The reality though is that possession cases under section 8 can be challenged and dragged through the Courts for several months. That could mean months of no rent or a tenant who abuses a landlords property or occupants of neighbouring properties.

My advice to all landlords is not to offer more than a 6 months AST in most cases, 12 months for some student type accommodation where re-letting part way through the academic year is more difficult.

Why would a lender agree to three year AST’s?

Why would a lender agree to three year AST's?To do so is crazy in my opinion.

I’ve read David Lawrenson’s points of view and whilst I concur that a lender “could” appoint a receiver of rents until it is possible to serve a section 21 notice I just can’t see why lenders would agree to that. Perhaps they are doing it just for a bit of positive PR from the do-gooders and hoping that landlords aren’t stupid enough to actually offer three year AST’s?

The mind boggles!

The bottom line for a mortgage lender is surely the ability to be able to recover their debt as quickly as possible if they need to isn’t it? Agreeing to a three year AST not only devalues their security but it also massively limits their recovery options for up to six times longer than they need to commit to, i.e. 3 years instead of six months.

Is a three year AST really that attractive to tenants either?

What if their circumstances change? Do they really want to be tied into paying their landlord for the full three years? Do they really want their estate to be charged rent for the entire contract period if they die? Committing to a three year tenancy cuts both ways. Most tenants would prefer the flexibility of a tenancy with a Council or a housing association because they are not tied in for a fixed period but do enjoy greater rights of tenure. However, Housing Associations only provide around 50% of the UK rental stock with the other half being provided by the Private Rented Sector.

Deed of Assurance could be a far better alternative

A Deed of Assurance is a relatively simple legal agreement which sits alongside an Assured Shorthold Tenancy Agreement “AST”. It is a separate agreement between landlord and tenant which does not affect the landlords rights to serve notice or to obtain possession, therefore it does not affect the rights of a mortgage lender either. However, it does offer tenants peace of mind.Deed of Assurance

From a tenants point of view, a Deed of Assurance provides far more flexibility than a long term tenancy because they are only tied in for 6 months and can then move on if they need to. What a Deed of Assurance offers in addition to an AST though is peace of mind.

A Deed of Assurance is a document in which a landlord promises to pay an agreed level of compensation to a tenant if possession is obtained within a given time period. I have never had to pay out compensation and because I’m in the business to provide quality tenants with quality accommodation long term I see absolutely no reason why I would ever need to.

The compensation amount offered by the landlord can be anything but obviously the idea is to agree something which is meaningful to both parties. For example, I offer to pay anything between £1,000 and £5,000 compensation if I obtain possession within the agreed period, providing the tenancy conditions have been observed impeccably by the tenant of course.

Similarly, the agreed period can be as long or short as makes sense too. Typically I offer 3 or 5 year terms but I would happily consider a longer period if the circumstances were right. What this means to the tenant is that if I obtain possession within the agreed period I will pay out compensation. This doesn’t stop me serving notice on a model tenant, it just means that if I obtain possession the tenant is compensated for their inconvenience.

But what if the tenant has not complied with the tenancy? Well that’s covered too. If the tenant does not comply the compensation isn’t payable, that’s very carefully worded into the Deed of Assurance by the solicitors who drafted it. Obviously there could be a dispute over whether the tenant had complied with all of the reasonable conditions in the AST and in that case the tenant would have to make a claim against the landlord for the compensation through the Small Claims Courts.

Deed of Assurance is not for everybody – by offering a Deed of Assurance a landlord is agreeing to pay compensation if they obtain possession of a property within a time scale they commit to with their tenant. It doesn’t always make sense for a landlord to make such a commitment but in some circumstances it can pay dividends. If in doubt, take professional advice.

What do others think?

The simplicity of the Deed of Assurance is its strength. Chief Ombudsman Lewis Shand Smith confirmed this by saying “The Deed of Assurance clearly sets out what the tenant can expect from the landlord and vice versa. In a sector where clarity might be lacking, this is a fantastic development”.

What’s the point of offering a Deed of Assurance?

Demand is very high from tenants who want/need greater assurance from their landlord that they are not going to have to move after just six months even if their tenancy has performed impeccably. Whilst a Deed of Assurance doesn’t actually provide tenants with any greater security of tenure, it’s certainly the next best thing. It’s a landlords opportunity to put his money where his mouth is, or perhaps more to the point, it’s a tenants opportunity to ask a landlord to do so when a landlords says words along the lines of “if you comply with your tenancy you can stay here for as long as you want”.

In practice, by providing properties which appeal to the types of tenants who want extra peace of mind in terms of stability they are also prepared to pay for that peace of mind. Many of my properties are typical family homes near to good schools, otherwise they are suburban bungalows which appeal to baby boomers and retired people. When I explain what a Deed of Assurance is to them they love it and often choose my properties over comparable properties for that reason alone. In many cases I’ve had several people bidding against each other to move into one of my properties despite there being plenty of comparable alternatives at lower prices. The reason they are prepared to pay more is for that peace of mind and legally documented assurance.

Conclusion

If you have the right type of properties to attract long term, good quality tenants, don’t stitch yourself or your tenant up with a long term AST or Shelters Stable Rental Contract. Consider the benefits to all concerned of offering a Deed of Assurance instead. Give your tenants the peace of mind they want and an incentive for them to perform to your requirements impeccably. It’s then a true win/win situation. Tenants know that if they perform you will have to pay up if you take possession of your property. On the flip side you may well stand a far better chance of being able to attract the tenants you really want, a premium rent and less voids periods too.

To purchase the Deed of Assurance document template please see below. The price is £97 for unlimited personal use.

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The Mortgage Works reduce BuytoLet rates Buy to Let News, Landlord News, Latest Articles, Mortgage News, Property News

TMW BuytoLetIt was announced in the press that The Mortgage Works has today launched a 2.49% 2 year fixed rate, which is correct, but now I have uploaded all their product changes to our BuytoLet mortgage calculator I can see that is not the real story.

More importantly to most BuytoLet investors the products with a higher Loan to Value size have also been significantly reduced. The less you put in the greater your return on capital!

The 2.49% fixed is only a 60% LTV product with quite a high arrangement fee of 2.5%, however for the experienced investor who knows it is better to have cash saved in the bank than tied up in equity you can not reach on a rainy day, there is better news.

Below are examples of the recent product reductions:

2 year fixed        75% LTV     fee £995     WAS 4.49%    NOW 3.89%

2 year fixed        80% LTV     fee 2.5%     WAS 4.69%    NOW 4.14%

2 year tracker    75% LTV    fee £995       WAS 4.29%    NOW 3.79%

If you would like to use our BuytoLet mortgage calculator to work out how much you can borrow on each product and the costs please CLICK HERE

If you would like our preferred mortgage broker to help you decide what is the best BuytoLet mortgage for you and arrange an agreement in principle please fill in your details below.

Contact Howard Reuben

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BuytoLet Lender BM Solutions allows Student and Benefits tenants Buy to Let News, Landlord News, Latest Articles, Property News

BMSBM Solutions relaxes its BuytoLet lending criteria to allow landlords to rent to students and benefit claimants

It was recently reported that BM Solutions was looking at changes to its BuytoLet underwriting criteria and the rumors were that they would be looking to remove its £25,000 minimum income requirement.

The initial reaction by some market commentators was that to remove the £25k minimum income would lead to the door being opened to low income households who are more at risk of defaulting, albeit that it could open the door to buyers outside of London, and would be of particular help for self-employed clients.

Another rumored criteria change was regarding the Lloyds restriction on its BuytoLet criteria which only allows a maximum of three buy-to-let properties per customer, across the whole of the Lloyds Banking Group (which now includes major lending brands such as BM Solutions, Halifax, C&G).

So, what has changed? How have BM Solutions relaxed their criteria? Previously, the lender’s list of exclusions included student lets, tenants claiming housing benefit, rent rebates or rent allowance, asylum seekers and tenants benefiting from diplomatic immunity.

With immediate effect BM Solutions has now adjusted its criteria to allow BuytoLet landlords to rent properties to students and benefit claimants. They are also now willing to offer loans on properties with a maximum of five occupants, a stipulation attached to all properties, although BM Solutions has never lent on House of Multiple Occupation, where tenants sign individual tenancy agreements and this still hasn’t changed.

This news comes just over a week after The Mortgage Works has also in dropped its restriction on lending to landlords with tenants who are on housing benefits.

Other lenders which will lend to landlords with student tenants include The Mortgage Works, Godiva, Abbey for Intermediaries, Woolwich, Aldermore and Virgin Money.

Howard Reuben, Principal of H D Consultants says that these most recent criteria changes are testimony that Lloyds is pursuing more business. He says “This criteria update appears to back up the news that BM Solutions is looking increase business via criteria rather than chasing the rate. This is a controlled measure which will provide some relief to a number of landlords”

From 19th March, BM Solutions has announced new semi-exclusive products starting at 3.89% up to 75% LTV available for purchase and remortgage, and which also benefits from a £500 cashback too.

To discuss any Buy-to-Let deal with our preferred broker please call us on 01603 489118 or email info@property118.com

If you would like to add your own requirements and search for the most popular available Buy to Let products please click here

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The Mortgage Works backs down on benefit tenants ruling Buy to Let News, Landlord News, Latest Articles, Property News

Major buy to let lender shuns benefits tenantsThe Mortgage Works backs down as the balance of risk has shifted again and The Mortgage Works (TMW) are now committed, once more, to supporting property investors who accept tenants in receipt of housing benefit.

Some may say that TMW (owned by Nationwide, which is owned by its members) has a duty to protect the interests of its members and therefore if Landlords are defaulting on their mortgage payments when they have tenants on benefits then the Nationwide will potentially lose money – and of course this shouldn’t be allowed to continue.

However, after recently announcing that they are changing their criteria to stop buy to let investors letting their properties to tenants in receipt of benefits, there was an immediate and angry outcry from the Private Rental Sector. TMW has listened to their borrowers and have done a complete U-Turn on this criteria issue.

Richard Napier, the group’s mortgage director, has now said that the group had changed its mind, following concerns raised by customers. “The clarification of the terms and conditions, which took place last December, brought The Mortgage Works into line with several other Buy-to-Let lenders,” he said. “This will now be removed.”

Great news – and a huge sigh of relief- for Landlords across the UK who have TMW mortgages and tenants on benefit.

There has been plenty said about the rights, wrongs, risks and morality on this subject, but one underlying issue is that the TMW mortgage holder also has a responsibility to their own business model to make sure that such ‘business interruption’ does not mean profit interruption. Loss of rent, evicting tenants, sourcing and signing up new tenants – all cost money (profit).

Change in the market with products, tenants, lenders and even the economic climate, is always going to happen.

The old worrying adage of ‘all your eggs in one basket’, comes to mind in this issue with many borrowers now realising that the way forward is by spreading their mortgages across a range of lenders which in turn spreads their business risk, and consequently reduces and minimises the risk of loss should any one lender pull the plug or change criteria mid-term. We won’t get started again on the Bank Of Ireland fiasco in this article

So now we’re left with the welcome announcement that TMW have withdrawn the threat of heavy and onerous stipulations re tenants on housing benefit (great news) and, secondly that this has given many people the wake up call to look at their BTL mortgage portfolio with a eye to reduced-risk and exposure to one lender.

If you are concerned please feel free to download our Property Portfolio Review spread sheet and we have arranged for our recommended financial advisers to offer you a free one to one review of your financial position at the same time.

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