Mortgage News

Collapse
This is a sticky topic.
X
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    NOT SURE WHAT IS GOING ON IN THE MORTGAGE / PROPERTY MARKET !!

    Given the media reports of high demand for property across most of England resulting in properties being sold at significantly higher prices and the failing service of lenders , solicitors in providing speedy service to applicants/clients, I am somewhat surprised that over the last three weeks and accelerating this week, there has been a marked increase in the number of lenders who are sending out bulletins to brokers announcing of a reduction in many of their mortgage rates both for residential house purchase but also Buy to Let. Given that there has been no change in interest rates it really does raise the question of why , surely the focus should be on dealing expeditiously with the cases in hand before doing battle for an increased share of the mortgage market. From my own perspective I fear it could potentially all end in tears should there be a correction in the property market and rates have to be increased to combat the signs of a significant rise in Inflation. My hope is that I am proved wrong but I cannot help but express my concerns.

    Comment


      Times they are a changing

      First time Landlords have todate been excluded by lenders from buying their 1st property which is an HMO, today one of the relatively new lenders have listened to its broker community by offering such facilities up to 70% on either a 2 or 5 years , rates are slightly higher than those available for experienced landlords but a positive stance for those seeking a higher yield from such properties. The Completion Fee is 1.5%

      Comment


        Is this a portent of things to come ??

        Given recent comment on stagflation , this afternoon Nat West has become the first lender to announce an increase in mortgage rates, whilst these apply currently to Regulated House Purchase/Remortgage applications , it will be interesting to see if this trend were to develop and cross over to Buy to Let and replicated by other lenders.

        I will update over the coming weeks.

        Comment

        Latest Activity

        Collapse

        • Reply to BTL loan with bad credit issue - please help
          by leasee123
          A bad credit record just for being overdrawn by £100 and paying it back soon after? What a joke. Which bank is this so I and others can avoid them with a bargepole?

          OP - if you missed out on this property I wouldn't be so disappointed with such low yield. Capital appreciation, even...
          17-10-2021, 11:31 AM
        • BTL loan with bad credit issue - please help
          by trippyvibes
          Hello, I am new to the forum and would appreciate your help.

          Back in November 2018 we had a loss in the family and it affected me. I lost interest in most things and neglected my responsibilities. I have a minor bank account which I use mainly as backup for Paypal payments on eBay and...
          01-01-2021, 18:05 PM
        • All change... Plan number 2...
          by Bonehead33
          So the previous flat sold before I could get my hands on it.

          So another quick plan for your collective scrutiny please. Don't know how feasible it is.

          We're moving to new build in march with new mortgage and savings. New build purchase not dependant on current residential sale....
          16-10-2021, 16:15 PM
        • Reply to All change... Plan number 2...
          by landlord-man
          Wow, a £300k mortgage is going to take a sizeable monthly rental to service - and then the tenants decides not to pay - ouch.

          I would sell and use the £100k to buy 1 or 2 BTLs at £100k-£120k each with mortgages, spreading the risk.

          It may mean buying away from where you...
          17-10-2021, 09:20 AM
        • Reply to All change... Plan number 2...
          by Gordon999
          If you can sell your former home for £400K with £300K mortgage to pay off , you would receive £100K and no capital gains tax to pay.

          Before you decide to rent out the property, you should check the rental demand for houses in your area and the current rents.
          17-10-2021, 09:07 AM
        • Reply to All change... Plan number 2...
          by jpkeates
          If the mortgage is joint, the ownership will have to be joint.

          Moving the property to a limited company is going to be difficult because of the timing - your limited company would require personal guarantees for a mortgage and you would need to be a property owner to be able to use the...
          17-10-2021, 08:16 AM
        • Reply to All change... Plan number 2...
          by doobrey
          Yes, you would....
          16-10-2021, 21:23 PM
        • Reply to Tenant used to own property
          by theartfullodger
          & Beware you may already now be on the National "Hunter" system that records persons with loans/credit deals that were... err.. based on might appear to be "iffy" info.

          Designed to flag warning red flags to any lender when later approached.

          See......
          16-10-2021, 14:52 PM
        • Tenant used to own property
          by dizzymill
          Hi all. We have owned a property for 16 years which we bought off the person who is and has been the tenant all this time. It has been mortgaged with TMW but now when we come to remortgage back to them as mortgage term has expired they are saying it doesn't meet their criteria as it's a sale and rent...
          15-10-2021, 09:20 AM
        • Reply to Tenant used to own property
          by loanarranger
          JpKeates is correct on his understanding of granting Vacant Possession but not adhering to the requirement. Don’t kick up a fuss with TMW as you might not like it if you were asked to repay the mortgage, unlikely but never take such things for granted.
          16-10-2021, 14:25 PM
        Working...
        X