How will new HMO licensing rules affect landlords?

“It is absolutely essential that you keep up to date with the changes taking place and ensure that you have the relevant HMO licence” In early March, 2018, the Government introduced new rules regarding licensing of houses in multiple occupation. From October 1st, 2018, there will be an extension to the scope of mandatory licensing requirements for HMOs, under section 55(3) of the Housing Act 2004. This means that more properties will require a licence before they can be let. …

Scottish house price growth accelerates to 7.7%

“The Scottish market goes from strength to strength, with Edinburgh driving growth, but excellent performance found across the country. ” Scottish annual house price growth has accelerated again, increasing by 7.7% in March, according to the latest Your Move house price index. The figure compares to just 1.0% in England and Wales as a whole for the same month. Wales, bolstered by high value sales as buyers rush to beat the new Land Transaction Tax in April, also still trails well behind, with…

Virgin Money launches first seven and ten-year fixed rates

“We have seen an increased appetite from customers wanting the opportunity to future-proof their mortgage repayments.” Virgin Money has launched its first seven and ten-year fixed rate products available for house purchase, remortgage and product transfer. Seven-year fixed rates start from 2.37% at 65% LTV with a £995 product fee and are available up to 90% LTV at 2.95% with no product fee. Ten-year fixes are available at 2.59% up to 65% LTV, 2.65% at 75% LTV and 3.25% up to 90%…

Remortgage market drives April lending rise: UK Finance

” I also predict there will be a rebalancing of the market as buy-to-let activity diminishes further still, following stamp duty increases and tapering of tax relief ” Gross mortgage lending rose by 13.3% annually to £20.4bn in April, driven by strong remortgaging figures, according to the latest UK Finance data. The number of total mortgage approvals has also risen and is 11% higher, primarily driven by remortagage approvals which were almost 30% higher than a year earlier. Eric Leenders, managing director…

Furness launches Help to Buy repayment product

“We’re really thrilled to be ready to accept applications on this basis as people start to think about consolidating both elements of the mortgage” Furness Building Society has launched a new Help to Buy remortgage product which will enable customers to wrap their mortgage borrowing into one loan repayment. Furness is offering its full product range for these mortgages, including cases up 95%. All of Furness’ 95% mortgages offer a cashback ranging from £300 up to £1,500. Customers can also take…

Principality announce launch of HTB England product

Principality Building Society has announced that it has launched a mortgage product to help more first-time buyers and next-time buyers in England. Principality will offer mortgages through intermediaries only initially, to support those buying a new build property via the UK Government-backed Help to Buy England scheme. The Society will be offering a five year fixed rate with an August 2023 end date. The product will have a rate of 2.45% per annum, feature no product fee and offer a free valuation. Julia…

£10bn lost due to collapsing property sales since 2008

New research among more than 2,000 UK adults commissioned by Market Financial Solutions has uncovered how common it is for property purchases to fall through, as well as the main reasons for deals going wrong. According to the data, 23% of UK adults – 11.91 million people – have had an offer accepted on a UK property in the past 10 years. But of those, 31% (3.69 million) saw a deal fall through before completion, forcing them to start their property search again. The…

Scottish remortgages at seven year high

Data released from UK Finance has shown that remortgages North of the border have seen a surge in the last year taking their numbers to a seven year high. According to the figures, there were 6,900 new first-time buyer mortgages completed in Scotland in the first quarter of 2018, some 9.2% fewer than in the same quarter of 2017. The £0.8bn of new lending was 2.4% down year-on-year. The average Scottish first-time buyer is 29 and has a gross household income of £35,000. …

Homeownership not top priority for the younger generation

According to the latest research from TopCashback.co.uk, although the vast majority (95%) of millennials would like to buy a house in the future, 31% do not think it will happen and 29% are only hopeful about their chances. Just 39% are sure they will buy a property. The uncertainty as to whether they will be able to invest in bricks and mortar means millennials are focusing on financial security and life experiences as savings goals instead. 35% of millennials say a deposit for a…

Sainsbury’s Bank launch ‘accidental landlord’ BTL product

Sainsbury’s Bank has announced that it is breaking into the buy-to-let market with the launch of launch of some new products solely available via its network of broker partners. According to the lender, the products are available across two and five-year fixed terms with lending available up to £1m up to 60% LTV and £500k up to 75% LTV. Lending is available for purchase or remortgage to individual borrowers with a maximum portfolio of three mortgaged buy-to-let properties. The Bank is also…