New BTL lender Fleet Mortgages opens its doors for business

Specialist lender Fleet Mortgages and BTL has announced that it is now actively accepting business through its distributor partners and their affiliated members and advisers.

Currently the lenders products are currently available through The Business Mortgage company , legal &General Mortgage club, Mortgages for Business, The Buy to Let business, Mortgages for Business, the Mortgage trading Centre , Professional & Commercial and Solent Mortgage services.

Fleet Mortgages are opening out its distribution to the rest of the adviser market late 2015

Product range highlights include:

  • A two year fixed rate 65% LTV individual buy-to-let product price at 2.79%
  • Individual buy-to-let tracker options for three years at 65% LTV -2.85%; 75% LTV -3.35%; and 80% LTV- 4.75%
  • Two year limited company fixed rate buy-to-let products priced at 4.39% (65%LTV), 4.59 %( 70%LTV), and 5.29% (80%LTV). Three year trackers rates priced at 4.55% (65%LTV), 4.75% (70%LTV), and 5.25% (80% LTV).
  • Two year Fixed rate HMO buy-to-let products priced at 5.29% (65%LTV) and 5.39% (75% LTV)

“ This is a momentous day for the Fleet Mortgages” said by Bob Young , Chief Executive Officer of Fleet Mortgages he went on to say team and all our stakeholders as we open our lending doors and begin to accept business through our distribution partners. We have brought this lender to market in record time and are lending at what is a extremely exciting time for this fast growing and developing but-to-let market. We focus our products on areas which are currently underserved, particularly in the limited company and HMO market; we truly believe this range should particularly appeal to our target customers and experienced landlords

If it wasn’t for our support from our partners in all areas of business we would have not got to this point so quickly, plus the hard work of everyone in the Fleet mortgages team. Our focus now moves for pre-launch to active lending and we are aiming to deliver a very high quality of service which will be ensuring open communication and transparency between ourselves and advisers.  This is a long term project and we are looking forward working with the buy-to-let advisory community in order to develop a proposition which meets their needs their needs and those of their clients.”

Andy Young, CEO at The Business Mortgage Company (TBMC), said “I am Delighted that fleet Mortgages has chosen TBMC as one of its distribution partners from launch. Fleet Mortgages has a compelling proposition in the buy-to-let mortgage market and I am sure Bob Young and his management team will grow a very successful business”

Mortgage rate rises expected this year

According to the latest findings from Barclays and the Centre for Economics and business research, nearly half of homeowners who have a variable rate mortgage aren’t aware of the rise in their repayments could rise this year.

This report also revealed that 46% couldn’t remember what the current BoE base rate is, 61% of them have no idea when they might rise and 88% are Utley unaware of BoE’s recent interest rate forecast.

As a direct consequence, a reported 76% have not been putting money aside for the rate increase, Despite CEBR predicting a minimum total mortgage payment rise of £723.8m nationwide.

In this study home owners cited different political and regulatory  statements in this study changed market commentary and conflicting family views  has been the main reasons behind this widespread uncertainty.

The sheer lack of awareness could contribute to the UKs mortgage holders experiencing financial difficulties in 2015, as CEBR predict that household owners could face a potential £1.1bn total increase in mortgage repayments by the end of the year.

This is solely based on CEBR’s  sharp but potential  model Suggesting threw rates rises in 2015 “ taking the average base rate to 1.25% by December 2015

Even a rate rise of 0.25% in May 2015 would see homeowners across the nation paying an additional £101.33 on average

At the very minimum CEBR predicts a average annual of £81.12 increase in mortgage payments for individuals by the end of 2015.

This Survey also found that 45% of homeowners felt that they could possibly miss out on better mortgage rates and so they paid out more because they were not sure whether not to fix or change their mortgage.

For those between the age of 30 and 49 they are facing the largest hike in their mortgage repayments, with the potential £362.1m increase in total mortgage repayments.

Regionally, the biggest rises in repayments are for those living in the South East they can expect a rise in payments totalling to £158.9m

The Scots are least likely to put money aside for potential rise in interest rate, with only 10% saving their mortgage repayments going up. In Wales Welsh home owners are more likely to save, with a third of them putting aside money even though their potential mortgage increases are not as large as other areas throughout the UK.

However, CEBR Have Predicted that London’s homeowners can expect a reduction of £20 per person on their mortgage repayments by the end of 2016. However , if you take the region as a whole, the total mortgage repayments increase by £124m as the number of Mortgage paying households in the Capital has increased

Introduction of rent control gets public backing

A new poll has found that less the 10% of Brits are not in favour of Mandatory legal limits being imposed on housing rents. This Poll is based on a survey done on behalf of Generations rent which asked over 1000 people and has found out that only 6.8% said that they were either strongly against rent control or somewhat against it.

The Full question that was put to the respondents last month read:

“Over Recent years, rent have been rising faster than the average wage in the UK. In some cases, people support a system of “Rent Control” “Where the government has limited the rate at which rents can be increased disputing this would make renting more affordable for tenants. Others have opposed “rent control” stating that it would lead to a shortage of properties landlords were willing to rent out.

Now the question asked is would you support or oppose the proposal in which the Government would introduce a “Rent Control” System in the UK?

Out of those asked, 59% of them backed rent control and thought it was a good idea, 34% openly said that they didn’t have an opinion on the matter. Throughout all political parties rent control was popular. UKIP had 58% of their party voting yes, alongside 55%of the conservative supporters, 68% of labour Supporters and 70% of LibDems Supporters all backing controls.

77% of the Private Sector tenants were in favour of these measures saying it was a great idea. There was also a high level of endorsements from homeowners 56% of whom backed the measure

Commenting n the findings, Generation rent director Alex Hilton said the results “indicate a concern and sympathy for the older generations and for a large amount of the younger generation that have been condemned by high house prices and to a life time of rent slavery”

He added “Private Sector are now spending upwards of 40% of their income on rent. By supporting rent control, politicians will have an opportunity to do something that could have a real, beneficial impact on millions of people whilst also saving tax payers money through the housing benefit bill, £9 billion of which would go straight into the pockets of private sector landlords

The majority of landlords say that tenant demand is growing!

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A staggering 94% of landlords reported that tenant demand is either stable or growing, according to a survey by buy-to-let lender Paragon Mortgages.

The survey, which is carried out every quarter, also reported that the average yield across landlord portfolios has remained around the same level during the previous 12 months, with landlords reporting an average yield within their property portfolio of 6.2%.

The second quarter showed that 38% of landlords feel somewhat optimistic for their rental portfolios, whilst more than half reported that there was no change in their views whatsoever. The survey also reported that 16% of landlords are looking to increase their rental portfolios within the third quarter.

Managing Director of Paragon Mortgages, John Heron said:

“It is interesting to see the improvement in confidence amongst landlords in the PRS. We are seeing much more activity in the private rented sector and, in turn, the buy-to-let market as a result of continuing strong rental demand and the investments made by landlords. Tenant demand is clearly staying very healthy, and this is likely to remain a common trend over the coming months, particularly as we are still not seeing the level of house building that the wider housing market so desperately needs.”

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Halifax to return home insurance costs to First Time Buyers!

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It has been announced by Halifax that any First Time Buyers who have taken out a Home Solutions insurance policy with the bank will be refunded a year’s insurance premium.
The refund is available on selected mortgages and will be paid directly into the account which is used to pay the mortgage payments – this will continue until the 18th of August (the payment will be made within a 60 day time scale from when the mortgage commenced).
£150 cashback will also be given to those who have opened a Halifax current account, which will be payable to the customer’s conveyancer upon completion.
Mortgage Director at Halifax , Craig McKinlay, said: “Upfront costs when purchasing a new property can add up and First Time Buyers often fail to account for the cost of home insurance when planning the finances for their new home, so we’re delighted to be able to make their lives easier and provide the added peace of mind that their home is fully protected.”
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Help to Buy creates 35,000 new homeowners!

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Kris Hopkins has announced that over 35,000 home seekers have been given a helping hand onto the property ladder through ones of the current government’s Help to Buy scheme.

The Help to Buy scheme is welcomed by the Housing Minister, as the scheme is playing an important role in the government’s economic plan, which is providing people with the chance to take a step onto the property ladder whilst creating jobs in construction as the houses continue to be built.

New figures show, since the launch of the Help to Buy scheme 14 months ago;

22,831 people have purchased newly-built homes through Help to Buy: equity loan scheme,

7,313 sales through the Help to Buy: mortgage guarantee and

5,173 sales with the Help to Buy: New Buy scheme.

This takes the total sales through the Help to Buy scheme to over thirty five thousand.

It has been noted that across the country 86% of Help to Buy: equity loan sales were to first –time buyers.

Housing Minister Kris Hopkins said: “In 2010 we inherited a broken housing market, where hard-working people who could afford a mortgage were locked out of home ownership because they couldn’t get the deposit together. Help to Buy is changing that – to date, this scheme has enabled 35,000 people buy their own place with a fraction of the deposit they would normally require. And with house building up a third over the past year, it’s clearly having a wider impact, getting workers back on construction sites and building the homes communities want and need.”

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Further details have emerged on the forthcoming £400m ‘Affordable rent to Buy’ scheme!

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Further details have been revealed on the approaching £400m ‘Affordable Rent to Buy’ scheme that will start this forthcoming summer.The Government is pinning their hopes that the loan finance scheme will attract developers who are new to the building for rent.
There was little detail revealed about the funding in last year’s Spending Review. However, the working paper from last week’s Department for Communities and Local Government adds more detail for the forthcoming bidding guidance that is due during the summer of this year.
The access to funding will be through a bidding process which will be assessed for value for money and credit-worthiness – deadline for bids is set for October 2014. The model put forward will see retrievable loans from the Government, which are available to meet part of the development costs.
These available loans would be 50% at the start on site and another 50% on completion. Lastly, any homes built under the Affordable Rent to Buy, should be then let at an ‘Affordable Rent’. This is calculated up to 80% of the surrounding market rates for at least seven years. When the initial seven year period comes to an end and on successful repayment of the loan finance, developers are free to sell the property or rent the property for full market rent.
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New measures will allow Londoners to rent their homes on a short term basis

It has been announced that new measures will end previous laws dating back to the 1970′s that does not allow residents within the county of London from renting their own residence on a short term basis. The new measures announced by Communities Secretary, Eric Pickles will end the outdated rules from the 1970′s.

Last year saw nearly 5 million visitors from overseas to the capital between July and September, with properties into the thousands being advertised on travel websites as holiday lets. Nevertheless, with current laws more than 40 years old, residents in London who want to rent their properties for less than a 3 month period will have to apply for permission from the council this does not apply to any other county within the UK.

Ministers now plan to change this outdated system through a measure in the Deregulation Bill. This new measure will give freedom to those Londoners who want to rent out their home for a short term let – for instance whilst they are on holiday.

These reforms will no doubt have a beneficial effect on London’s tourism industry by providing even more competitively priced rental accommodation, while also allowing residence a chance to make some extra cash.

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Help to Buy helps homes buyers sidestep four year of house price inflation!

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According to new figures from Mortgage Advice Bureau, the Help to Buy mortgage scheme is helping buyers to step onto the property ladder whilst avoiding four years of house price inflation.

The broker’s National Mortgage Index revealed data showing the average price of £151,021 in April this year for house purchases using the ‘Help to Buy’ mortgage.
The average time buyers would have been paying a similar amount four years previous to acquire their first home – data from the Office of National Statistics’ House Price Index shows the average was £151,000 in March 2010. Currently there is a 22% difference as the average has risen by 27% to £193,000 in March this year between the average first time buyer and those using the ‘Help to Buy 2′ mortgage scheme.

These figures can only suggest that the Help to Buy scheme is helping those who wish to get onto the property ladder.

Head of lending at Mortgage Advice Bureau, Brian Murphy stated that the findings suggest that mortgages at 90% and 95% LTV are being used responsibly through Help to Buy to give first time buyers an option that was in danger of becoming extinct.

“The Bank of England and government are coming under increasing pressure to take the heat out of sectors of the housing market, but writing off a scheme that is aiding those who most need it – predominantly first time buyers with modest levels of deposit – is not the way to go about it.

Lending standards have been carefully monitored ever since the recession, and the new mortgage rules [under the Mortgage Market Review] mean that scrutiny of borrowers’ finances remains rigorous and thorough with careful consideration given to the impact of future interest rate rises.

Providing this continues, there is a strong argument to support the availability of mortgages with far more realistic deposit requirements than has become the norm in an increasingly lop-sided housing market, especially for aspiring first-time buyers.”

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