Fee FREE BTL mortgage

Any landlord peeved at having to shell out thousands in the application fee for their buy-to-let mortgage will welcome the latest buy-to-let mortgage from The Mortgage Works.

Their fee free 2 year fixed rates are not the cheapest buy-to-let mortgage available with the lowest rate  at 5.74% to 28.2.13.  It is only available up to a maximum of 65% LTV requiring a landlord to find a minimum deposit of 35%.

The Mortgage Works also provides a fee free buy-to-let loan, again fixed for 2 years and available up to 75% LTV.  The interest rate charged on this buy-to-let mortgage is 0.5% higher at 6.24%.

Landlords attracted by this no fee option will have to calculate carefully the potential savings that could be made in interest charges by paying a fee but also accessing a lower interest rate product.

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Tips On Tenancy Deposit Disputes 22: Disputes v Court Action

Tip 22: Disputes and Court Action

I usually describe deposit protection dispute resolution as parallel to the court system because, although the two are unrelated, they employ the same rules and reasoning to reach a decision. Using the deposit protection schemes’ ADR service is akin to contracting out your right to use the court service to a third party. The situation can get rather complicated when the two come together.

Adjudicators occasionally see claims where the matter at issue has already been decided by the court. The most common example is where the court has awarded less damages than the landlords was hoping for, and the landlord makes a claim on the deposit for the remaining amount. By trying to obtain more than the court awarded, the landlord is said to be going behind the judgment. In this situation, an adjudicator is unlikely to feel able to look at the case, as to do so would be to overrule a court decision, and asking the adjudicator to do so is widely considered to be bad form.

Tom Derrett is the Principal of Deposit Claim, an ex-adjudicator and an expert on the Deposit Protection Schemes.

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Notice during fixed term tenancy

You can give a section 21 notice any time during the fixed term of the tenancy, but it can not expire any earlier than the end of the fixed term.

You must still give at least two months notice. If you serve your notice two months before the fixed term expires, the notice will expire on the last day of the tenancy.

If there are less than two months to run on the fixed period, the notice will expire on a date two months after you have served it.

Rebecca Brough is a Solicitor at Fidler and Pepper who deals with Residential Landlords on a daily basis. Rebecca offers landlords requiring legal help a Free initial consultation.

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Freezing pipes warning

It's cold out there!

Now's the time when landlords start having sleepless nights about frozen pipes and broken boilers.

It would be worth checking the state of boilers and checking the lagging of pipes at properties.

Any rental properties that landlords currently have sat empty would be worth putting the central heating on at a low constant temperature to avoid any burst pipes or frozen boilers.

Be warned!

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Politics of dreams

Are all the announcements and political posturing from Grant Shapps and IDS really going to actually happen?
We've heard it all before, this get tough, hard line approach may well sound very simple but in practice it's a very different story as I'm sure the coalition is about to find out.

So, the limiting of Housing Benefit payments, we'll wait to see how IDS gets on.

Making the jobless lose their place in the council house queue or scrapping council houses for life, good luck with that.

Things are always easier to say than do in the state sector, and dreams rarely become realities.

But whatever happens over in the sate sector, the Private Rented Sector will roll and evolve with whatever changes occur, because it is a free market that is flexible and reactive.

Politicians....... you've 'gotta lov'em'.

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BTL mortgage £300 rebate

Principality BS has just introduced a new variable tracker rate at 3.99% to 31.12.12 with a £300 rebate on successful completion.  The max LTV on this buy-to-let mortgage is only 60% though and there is an upfront fee of 2%.

They also offer a variable tracker of 3.64% for 2 years which now has an incentive of free valuation and free legal fees.

Both products are based on BBR + loadings.


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Private rental stats

Grant Shapps in a written reply in the House of Commons reveals that according to his latest figures there were 3.3 million properties rented privately in the UK.

The figure comes from the English Housing Survey (EHS) Housing Stock Report 2008, published on 27 October 2010.

One for the Stattos amongst you perhaps?



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Don't ruin the party!

The lone voice on the Monetary Policy Committee who is still calling for a rise in the interest rate is Andrew Sentance.

Will somebody shut him up.  Doesn't he realise that many of us landlords are still having a party as long as interest rates stay on the floor.

Can somebody gag him...please.

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Landlord campaign to fail

I've been made aware of the campaign by Paul Shamplina to make it easier for landlords to evict bad tenants.

Its great to see somebody at the sharp end standing up for landlord rights.  At the last count there were 5000 landlords that had signed the petition illustrating that there are a lot of disgruntled landlords out there.

However, it pains me to say.  This campaign is destined to fail and rightly so.  Why?

At he moment we all know that getting a tenant out can take an absurdly long time.  Issuing section 21 notices takes for ever and with all the technicalities of getting notice dates right the process can be infuriating.

However, the laws are there to strike a balance.  That balance between the rights of the landlord to get their property back and those of the tenants to occupy their property and have reasonable time to act.  I think by and large that balance is about right.  By tightening the law and risking tenants being flung on to the street with apparently little recourse to fairness or for them to have time to act risk landlords being branded as merciless 'Rachmanesque' caricatures.

This will then play into the hands of the anti landlord lobby who are just itching to regulate and license us to the hilt.

My view is if it ain't broke don't fix it!


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Tenants want to buy

The latest Rightmove survey of 2,636 tenants found that 55% of tenants wanted to buy a home now, but cannot afford to do so. Out of those tenants surveyed only 13% said they had no interest in home ownership.  The main reasons for tenants not being able to get on the housing ladder is the high costs of deposits and the tight credit scoring criteria.

This according to Commercial director Miles Shipside has led to a rental stock down 23% compared to a year ago.  This shortage of rental stock has led to cases of gazumping over rental properties in some areas and some tenants as 'trapped renters".

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Bidding war for rentals

Prospective tenants are finding themselves in a bidding war for rental properties in demand areas in the UK.

The increasing demand is not been met by the current supply resulting in tenants having to make "sealed bids" to secure a rental property.

Read more on the bidding wars for rental property here

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Property price twitter - Ireland

Potato, potato, .......potatooooooooo

UK property sales down 11 percent - BBC
House prices unlikely to slump say Nationwide - Citywire
Help needed for homebuyers - Citywire
Mortgage approvals hit 19 month low - Guardian
Northern Ireland house prices hit 5 year low - BBC
Mortgage lending falls to 2001 levels - FT Advisor
Low interest rates will limit property price falls - Independent
Reality gap in London property prices - Evening Standard
Lenders impose limits on interest only mortgages - FT
Mortgage lending will not recover next year - BBC
West Midlands property prices tumble - Express and Star

See all the property price tweets

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Zoopla online auction

Zoopla explain how their online property auction service works in this video interview.

Your next property could be just a click away.

Visit Zoopla Property Auctions to browse over a cup of coffee.

Paragons profits increase

Is Paragons increased profits a sign of good things for BTL property investing asks Fool.co.uk and reports the Press Association.

Paragon said landlords had benefited from the high levels of rental demand as more people move into to the private rental sector.

My thoughts are that the house of cards are still balanced on a wobbly table top, tread carefully.

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North-South Real Estate Divide Growing

We’ve all been brought up on the notion of a North/South divide, it’s nothing new. Yet in recent years the economical gap has widened considerably. Figures clearly reveal that since 2003 growth in London and the South East has steadily and significantly overtaken the rest of the UK.

Moving up North might mean the cost of living is lower, but if I want to sell my house, or find a job, I’m going to be faced with much more of a challenge than if I opt to stay down south. The International and thriving economy that has spread out of London and into the South of England also makes it more robust and less vulnerable to the effects of government cuts than economies in the north.

Centre for Cities, an independent research institute recently carried out a study which produced results that illuminated the major disparity in employment prospects between people living in the northern and southern regions of the country: ‘for every extra private sector job generated in the North and Midlands between 1998 and 2008 ten were created in London and the South’.

A large number of multi-national businesses have set up camp in the south, which creates a diverse climate and global links which are not only finance based but also political and cultural. Experian predicts that London and the South East is likely to attain perhaps up to 475,000 jobs in the years approaching 2015, a huge 43 percent of all new jobs in the UK during that period. This will be the result in part of Government plans to rebuild the UK economy, with the South, with its promise to deliver, as the key area of focus.

Employment cuts in the public sector will have an impact but as they only represent a fifth of all jobs in southern regions the hit is expected to be far less painful than in other areas. This employment expansion is expected to reach into most areas but chief industries to benefit will continue to be in the service sector and high-value manufacturing. Finance, IT, business services (FBS), and engineering have the potential to flourish.

However, with new employment growth at its most intense in the capital, house prices in London and the South East are expected to continue to be well above the national average which will put still more pressure on housing markets particularly around London and the commuter belt.

Out of the last 17 quarters and since Q1 2009 has risen by 19 percent compared with the North at nine percent. It’s expected that the numerous restrictions that will suppress the market nationally over the medium term will be subtler and less aggressive in the South making economic prospects, if still undeniably low key, nevertheless more optimistic.

Stirlings tenants scarper

Sir Stirling Moss one of the most high profile celebrity landlords has had a recent unfortunate experience with one of his tenants.  Stirling who has approximately 40 tenants within his central London residential investment portfolio and is assisted in his day to day management by his daughter in law has had a recent lettings nightmare.

One of his tenants an Italian chef has absconded from one of his Pimlico apartments leaving seven months unpaid rent and 'nicking' all the furnishings


Sir Stirling commented: ‘The flat was trashed. It took seven weeks just to get a court order to remove them and then we had to wait another two months to apply for bailiffs.

‘I consider myself a good ­landlord who is always fair, and I think the law is weighted against decent landlords like myself.’

Even experienced landlords are not exempt from bad tenants!

Remember to avoid a letting nightmare always reference your tenants properly and if in doubt get a guarantor.


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Tenant finances improve

Tenant finances were in better shape in October according to latest figures from LSL Property Services. Unpaid rent within it branches of letting agents totalled £221m across the UK in October, down from £229.3m in the previous month.

With just 9.3 per cent of all UK rent unpaid during the month, it hovered just 0.1 per cent above its best performance on record, according to the data.

David Brown Commercial Director commented: "Falling arrears provided another boost to landlords in October."


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Tips On Tenancy Deposit Disputes 21: Costs

Tip 21: Costs

This week’s tip is just one to help you avoid disappointment. It won’t prejudice your claim if you ignore it.

If you use the court service to determine your dispute, you might expect some kind of ruling on costs, usually to the effect that that the unsuccessful party has to pay a proportion of the the costs incurred by the successful party in bringing or defending the action. This reflects the fact that court action is expensive, and the system is designed to make people think twice before embarking on litigation.

In deposit protection disputes, however, the winning party cannot usually recover costs. Although deposit disputes are free or very cheap to participate in, the awards tend to be of a low value, so permitting claims for costs could be punitive and would be capable of distorting the result. For example, imagine a dispute over a damaged carpet for which the landlord wishes to claim £200. If the landlord had obtained legal advice, say from his local solicitor at a cost of £500, and was permitted to claim it back, the tenant could potentially forfeit the entire deposit over relatively small amount of damage. Results like this would attract publicity as they appear unjust, and could potentially lead to the collapse of the system as landlords and tenants opted to use the court system instead.

The DPS and My Deposits state in their terms and conditions that parties must bear their own costs of participation and regularly reject claims for statutory declaration fees, postage and other overheads. Understandably, landlords can be disappointed not to recover legitimate expenses and, although the sums involved are usually very small, the non-recovery of costs is a regular source of complaints and bad feeling.

Tom Derrett is the Principal of Deposit Claim, an ex-adjudicator and an expert on the Deposit Protection Schemes.

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Tenants expect rents to rise

The latest survey from Rightmove indicate that 4 out of 10 renters expect rents to rise over the coming news.

Excellent!  Even better 11% according to the same survey are expecting increases of 10% or more.

For those landlords who are considering a rental increase then here is how you go about it.

A word of warning...don't be too greedy.  A 5% hike in the rents can be very quickly eroded by even a short void period.

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BTL mortgages - most popular

Interest Rate	Overall Cost for Comparison	Max LTV	Product Detail	Completion Fee	Early Repayment Charges
3.88% Tracker	4.1% APR	75%	Variable tracker rate of BBR + 3.38% for the lifetime of the loan. This product is available up to 75% LTV and there is a rental calculation of 100% at a notional rate of 8.5%. An application fee will apply. Available on a repayment basis only and for loans up to £150,000. The completion fee is payable at offer stage. Refer all cases for fees and maximum LTV.	0%	1% of original balance being repaid for 1 year
4.1% Tracker	5% APR	60%	Variable tracker rate of BBR + 3.60% for 2 years then reverting to a variable of BBR + 4.24% to give a current rate of 4.74% for the remainder of the term. The product is available up to 60% LTV and the rental calculation is 125% at the payrate. An application fee will apply.	1.5%	3% of amount being repaid for 2 years
4.69% Fixed	5.2% APR	60%	Fixed rate of 4.69% until 31/12/2012 then reverting to the lender's standard variable rate (SVR) which is currently 4.99% for the remainder of the term.This product is available up to 60% LTV and the rental calculation is 125% at 4.99% (SVR). An application fee will apply. Free legal fees for remortgages.	£999	4% of original balance being repaid until 31/12/2012
4.8% Fixed	5.2% APR	75%	Fixed rate of 4.80% until 01/02/2013 then reverting to a variable of BBR + 4.24% to give a current rate of 4.74% for the remainder of the term. The product is available up to 75% LTV and the rental calculation is 125% at the payrate. An application fee will apply.	2.5%	3% of amount being repaid until 01/02/2013
4.8% Tracker	5.5% APR	75%	Variable tracker rate of LIBOR + 4.00% for 2 years then reverting to the lender's standard variable rate of 4.60% + 0.25% = 4.85% to the end of year 5, then for the remainder of the term, the lender's standard variable rate of 4.60% + 0.75% = 5.35%. The product is available up to 75% LTV and the rental calculation is 130% at 7%. Please note that the completion fee will increase by 0.25% on applications for HMOs, freehold houses split into flats and limited companies. An application fee will apply.	2.25%	3% of amount being repaid for 2 years
4.99% Fixed	5.5% APR	80%	Fixed rate of 4.99% until 29/02/2012 then reverting to the lender's standard variable rate which is currently 4.99% for the remainder of the term. This product is available up to 80% LTV and there is a rental calculation of 125% at payrate. An application fee will apply.	3% (min £595)	5% of amount being repaid until 29/02/2012
4.99% Fixed	5.5% APR	75%	Fixed rate of 4.99% until 28/02/13 then reverting to the lender's standard variable rate which is currently 4.99% for the remainder of the term. This product is available up to 75% LTV and there is a rental calculation of 125% at the pay rate. An application fee will apply.	2.5% (min £595)	5% of amount being repaid until 28/02/2013
5.19% Fixed	5.2% APR	70%	Fixed rate of 5.19% until 31/01/2013 then reverting to a variable rate of BBR + 4.50% to give a current rate of 5.00% for the remainder of the term. This product is available up to 70% LTV and the rental calculation is 125% at a notional rate of BBR + 4.50%. An application fee will apply. Max loan £150,000.	£995	3% of the amount being repaid until 31/01/2012, then 2% of the amount being repaid until 31/01/2013
5.29% Fixed	3.7% APR	60%	Fixed rate of 5.29% until 02/03/2013 then reverting to a variable rate of 2.49% over BBR to give a current rate of 2.99% for the remainder of the term. This product is available up to 60% LTV and there is a rental calculation of 125% at payrate. An application fee will apply. Available to ex-pats and foreign nationals.	1.5% (min £1500)	6 months interest at the Buy to Let Standard Variable Rate or fixed rate whichever is higher until 02/03/13
5.5% Fixed	5.7% APR	75%	Fixed rate of 5.5% for 2 years then reverting to a variable rate of the lender's standard variable rate (SVR) + 0.25% to give a current rate of 4.85% for the remainder of the term. This product is available up to 75% LTV and there is a rental calculation of 130% at a 7% nominal rate. Please note that the completion fee will increase by 0.25% on applications for HMOs, freehold houses split into flats and limited companies. An application fee will apply.	2.25%	5% of amount being repaid for 2 years

IMPORTANT! Due to current market conditions, lenders are withdrawing and replacing products with little or no notice.
Please check our website regularly to see the most up-to-date products available.

Please visit www.propertyhawk.co.uk and click on Mortgages to search the full product range and find a buy-to-let mortgage to suit your specific personal circumstances.

Email: info@propertyhawkbtlmortgages.co.uk

Tel: 029 2069 5446

Your home may be repossessed if you do not keep up repayments on your mortgages. The Financial Services Authority does not regulate some forms of mortgage.

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Tenants better off renting

Landlords a few years ago were being pilloried because apparently we were making fortunes out of our property portfolios and forcing first time buyers out of the market.

Well how rapidly things change!

Now it appears that increasingly commentators are putting forward the view that people are better off renting.  Because house prices are not rocketing skywards the reality of real costs of ownership are apparent.  The reality is if you rent the landlord:

* pays for the insurance
* pays for repairs
* pays for the mortgage including the hefty upfront mortgage set up fees
* takes the risk of falling house prices

Maybe some of the first time buyer wingers ought to consider these factors next time they are dragged out by the media to make their ill informed pronouncements.

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Positives & Negatives of Various Entry Systems and Front Door Locks

Keeping a rental property safe and secure can be tricky especially if the property has a shared access, such as a HMO or a block of flats.
To improve a properties security a landlord needs to consider the type of entry system or front door lock. There are plenty of entry systems and door locks to pick from, so it’s wise that landlords do some research to decide which is best for their tenants.
It is worth discussing the options with the existing tenants and steer towards the one that they perceive as the easiest to use.

Entry Systems
A typical entry system has an alarm that requires a pass code to turn it on and off or something similar. Though these systems work, they may not be the maximum security you are looking for. Consider looking at other entry systems that add another line of defense to your home:

1. Keyless – For a tenants ease of use, keyless entry systems have become extremely popular.
- Pros

• Easy to use
• Convenient
• Less hassle
• Easy to install

- Cons

• Expensive
• Not the most secure
• Can forget the entry code
• Not best in the case of an emergency
• Costs a lot of money to replace remote
• May not work if power goes out

2. Video/intercom entry – Video and intercom entry systems use both video and voice to recognize that you are the homeowner and can safely open the door. It also allows others within the house to see that you are the true person who you say you are.
- Pros

• Secure
• Effortless
• Set limits as to who can open doors
• Newer technology

- Cons

1. Expensive
2. Electronic failure
3. May need to be professionally installed
4. More equipment used

3. Biometric entry – Biometric entry is extremely secure. From finger prints to iris scanners, it is very hard to bypass this shield of protection. No random burglar could get past this type of security unless it was purposefully broken.
- Pros

• Highly secure
• Dependable
• Modern technology
• Hard to break into

- Cons

• Expensive
• Requires work on homeowner’s end
• Needs to be updated

Door Locks
You may also want to consider getting rid of your traditional door lock for something more secure that cannot be “picked” or somehow made ineffective by a burglar.

1. Deadbolt – Deadbolts are great locks to use. They are locked from the inside as well as the outside.
- Pros

• Highest security
• Easy to install
• Can use with other locks
• Different kinds with more protection

- Cons

• Wear and tear
• Huge range of brands/types to select from
• Not suitable for a door surrounded by windows

2. Mortise Lock – A rectangular box that fits into a recess in the door from its edge. Also includes two faceplates that include the knobs and keyholes.
- Pros

• Locks from both sides
• Variety of sizes
• Hard to pick (very secure)
• Elegant feel and look to them

- Cons

• Wear and tear
• Have to install on your own

Remember, you want to keep your tenants and rental property safe and to do that you’ll need to look at entry systems as well as locks . Though there are many to choose from, consider your budget, how much security you’re looking for, and so on to narrow down your options. With an upgraded entry system and front door lock, the rental property will be as secure as ever.

BTL mortgage min of £30k

Manchester BS has reduced their minimum lending on their buy-to-let mortgages to £30,000.

Is this a sign of the times as house prices continue to fall that landlords  are looking for less?

The problem with small loans is they often come with a flat rate mortgage fee.  On a small loan this then becomes a relatively high charge.

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Minister sexed up stats

It appears that the Work and Pension Secretary IDS (apparently not a digestive complaint) has been sexing up his statistics in relation to the changes in Housing Benefit.

He told MPs: “We now know that, according to the Office for National Statistics, the private marketplace in housing fell by around 5% last year. At the same time, Local Housing Allowance rates had risen by 3%. There is thus a 7% gap with what is going on in the marketplace.”

A spokesmen for the Department for Work and Pensions has accepted that the figures are not correct.

IDS statement was made in justification to the governments announced cuts in housing benefits.

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Seasonal fall in rents

Property Hawks sister website the Rentindex gives us unique access to AST rental data.  Interestingly, it reveals a seasonal pattern in rents where the level tends to peak in the late Autumn.  During this summer, rents have been rising strongly as demand for rental properties has outstripped supply.

We have noticed however over the last couple of weeks that rents which peaked at about £605, have dropped back to below £600 and are now 0.4% down over the last month.

The tip for landlords looking to set their rent is that they should attempt to negotiate the new rent with the tenant between September to October to maximise their likely rental returns.

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Property price twitter - ho ho ho

Christmas starts earlier and earlier .......

Mortgage lending slumps to lowest level for a decade - Independent
Properties stick and prices drop - Estate Agency Today
Renting a home is more expensive than buying - Telegraph
Inflation could lift housing market - Guardian
Christmas market comes early as buyers and sellers play wait and see- Rightmove
Bleak outlook for house prices - FT
Homeowners slash prices to sell properties - Daily Mail


See all the property price tweets

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Landlord with a foot fetish

A London landlord, Florin Vlasceanu, has been sentenced to 18 months in prison following a series of disturbing sexual assaults on his tenants.

The landlord who seemingly has a strange fetish for sucking and caressing feet has also been placed on the sex offenders register for ten years following a series of indecent acts against 4 different tenants.

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Burns tenant makes civil claim

A Norwich student who suffered horrific 80 percent burns in a fire at her rented flat has made a £2million damages claim against her landlord.

The civil claim at London’s High Court follows the landlord, Michael Billings been jailed for 21 months and made to pay £20,000 in compensation after admitting to breaking a number of health and fire safety laws.

More on health and fire safety laws for landlords

Tenancy Deposits - Legal Update

Finally we have a decision by Court of Appeal on the protection of tenancy deposits and the sanctions following the failure to protect the deposit.

The Housing Act 2004 states that a deposit must be protected within 14 days of receipt in an approved scheme.

Under the Act, if a deposit is not invested the tenant can apply to the Court for the deposit to be protected and when making the Order, the Court must order that the Landlord pay the tenant compensation equivalent to three times the amount of the deposit. If the deposit is £500, this could mean that you would have to pay the tenant £1500.

There has been legal arguments since the Tenancy Deposit Scheme came in April 2007 as to when the compensation was payable. Many Solicitors argued that if the deposit had not been protected within 14 days of receipt then the compensation was payable. Other Solicitors, including myself were of the view that providing the deposit was protected when the matter came before a Judge, the compensation was not payable.

A binding decision was handed down on 11 November 2010 by the Court of Appeal in Christelle Tiensia v Vision Enterprises Ltd (t/a Universal Estates) and others.

It was held that provided the deposit was protected at the time of the Court hearing, the Court would not order that the landlord pay compensation to the tenants.

It should always be the case that the deposit is invested immediately upon receipt, however, if it comes to your attention that it has not be protected you should ensure that you protect it immediately.

If you fail to invest it preferring to wait until the tenant takes Court action, but then protect the deposit, you could still find that you loose out financially as a Court can order that the Landlord pay the tenant's legal costs of bringing the action.

My advice therefore is, if you have not protected a tenancy deposit, it's not too late but do so today to prevent action being taken against you.

Rebecca Brough is a Solicitor at Fidler and Pepper who deals with Residential Landlords on a daily basis. Rebecca offers landlords requiring legal help a Free initial consultation.


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Undervaluing opportunities

The increasing trend by mortgage surveyors to undervalue a property can play into the hands of landlords looking to drive down the acquisition costs of a new buy-to-let property.

This recent article in EAT highlights the phenomenon where properties are down valued despite both buyer and seller agreeing terms.  This means where a buyer is reliant on a certain sized mortgage they are required to find additional funds to complete the purchase.  The alternative which many landlords can use to their advantage is to push for a price reduction.

In the current climate where properties are failing to sell a prices are falling, many vendors are prepared to compromise on price in light of the views of an RICS valuation report even where the report is not commissioned directly by the landlord but for the buy-to-let mortgage company to saveguard their security.

We have seen as a result of the recent Scullion case that surveyor's valuation have gained greater significance.

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