- Pick a tenancy, so you're on the Tenancy Details page
- Under the More button, there's a Delete button
Wednesday, July 30, 2014
Delete a tenancy in PM3s
A new user found herself with a tenancy she didn't want. The fact that I heard about it shows that the Delete Tenancy button can be overlooked. So, for future reference, here it is.
Capital growth still out-weighs yields for me
Not all of the UK has been bathed in sunshine when it comes to their property prices. The old northern industrial towns such as Doncaster have remained very much in the shade, and any shoots of recovery remain shriveled and starved of the light emulating out from the capital.According to this Mail article, Doncaster's property prices are lower than they were ten years ago. The average house price in the town is just £95,869, compared to its 2007 peak of £118,686.
This got me thinking about investment returns and the balance between rental yields and capital growth.
I was recently surprised by the small differential in the latest rental yields across the regions - with less than one percent dividing the highest, the 6.4 percent in the North West, and the lowest, 5.5 percent in Central London.
It strikes me that buying in the area with the strongest potential for capital growth is key for investors to make decent returns.
I'm sad to say that many of those old industrial northern towns don't sing out with future prosperity to me, and though they may offer slightly better rental yields, I can't see them ever performing that well where it really counts - in capital growth.
Look to the prosperous towns and cities to make the most of your long term property investments.
Take advantage of our discounted landlord insurance rates
Tuesday, July 29, 2014
Bloomberg speculate UK property crash
Bloomberg are speculating on the London property bubble crashing the economy - well, they just would.
Whereas the IMF are sounding far more positive about the UK's prospects.
The International Monetary Fund are encouraging the BoE to keep interest rates low and to instead use other measures to keep property price growth restrained, such as the stricter lending regulation imposed as part of April's mortgage market review.
It also wants to see increased supply in the property market to help battle excessive house price inflation over the coming years.
The IMF retains a positive outlook for the UK economy, revising their UK growth predictions to 3.2% for this year and 2.7% for 2015.
Take advantage of our discounted landlord insurance rates
Whereas the IMF are sounding far more positive about the UK's prospects.
The International Monetary Fund are encouraging the BoE to keep interest rates low and to instead use other measures to keep property price growth restrained, such as the stricter lending regulation imposed as part of April's mortgage market review.
It also wants to see increased supply in the property market to help battle excessive house price inflation over the coming years.
The IMF retains a positive outlook for the UK economy, revising their UK growth predictions to 3.2% for this year and 2.7% for 2015.
Take advantage of our discounted landlord insurance rates
Most popular buy-to-let mortgages
| Max LTV | Initial Rate | Term | Completion fee | Booking fee | Incentives | Lender |
| 85% | 5.99% Discount | 2 Years | 2.5% | £130.00 | No | Kent Reliance Multi Let & Ltd Co. Semi Exclusive |
| 85% | 5.99% Discount | 2 Years | 3% | £130.00 | No | Kent Reliance Multi Let & Ltd Co. Semi Exclusive |
| 85% | 4.99% Fixed | 2 Years | 2.5% | £130.00 | No | Kent Reliance Semi Exclusive |
| 80% | 4.99% Fixed | 2016-10-31 | 0% | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 80% | 3.99% Fixed | 2016-10-31 | £2495 | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 75% | 4.69% Discount | 3 Years | 2% | £0.00 | No | Saffron BS Semi Exclusive |
| 75% | 3.79% Fixed | 2016-10-31 | 0% | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 75% | 2.75% Fixed | 2016-10-31 | £2495 | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 65% | 5.27% Fixed | 2017-03-31 | 2.5% | £0.00 | No | Saffron BS Ex-Pat Semi Exclusive |
| 60% | 2.45% Discount | 2 Years | £1950 | £250.00 | One free Valuation on properties valued up to £1,000,000 | Hinckley & Rugby Exclusive |
Search the whole BTL mortgage market free
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.Apparently most landlords want student tenants
There are some surveys I just don't get, but I am a bit stupid.
A new survey reckons that letting agents and landlords think students make the best tenants.
The landlord survey conducted by Glide and Accommodation for Students reckons that the majority of letting agents and landlords think students make the best tenants.
According to their data, 69% of landlords and letting agent preferred letting to students.
Ok, but that seems a pretty high figure. I mean there are a lot of landlords that would argue until they were blue in the face why you should never let an eighteen year old, hell bent on hedonistic oblivion, near your precious rental property.
I had a closer look into Glide's claims. Maybe I wasn't looking harder enough, but I couldn't see any mention of how many landlords/letting agents they asked and where they sourced their respondents.
Was it three landlords they met in a pub, or thirty thousand and where did they find them?
I mean if they were all student landlords or letting agents that were already focused on letting to students, it figures that they like letting to students, but it is hardly a cross section of the private rental sector.
That's a bit like asking customers in a sushi restaurants if they like sushi, then saying 100% of Brits like sushi, but no they don't - I for one hate the cold, slimy, fishy stuff.
Can anyone from Glide or Accommodation for Student shine any light on their numbers?
A new survey reckons that letting agents and landlords think students make the best tenants.
The landlord survey conducted by Glide and Accommodation for Students reckons that the majority of letting agents and landlords think students make the best tenants.
According to their data, 69% of landlords and letting agent preferred letting to students.
Ok, but that seems a pretty high figure. I mean there are a lot of landlords that would argue until they were blue in the face why you should never let an eighteen year old, hell bent on hedonistic oblivion, near your precious rental property.
I had a closer look into Glide's claims. Maybe I wasn't looking harder enough, but I couldn't see any mention of how many landlords/letting agents they asked and where they sourced their respondents.
Was it three landlords they met in a pub, or thirty thousand and where did they find them?
I mean if they were all student landlords or letting agents that were already focused on letting to students, it figures that they like letting to students, but it is hardly a cross section of the private rental sector.
That's a bit like asking customers in a sushi restaurants if they like sushi, then saying 100% of Brits like sushi, but no they don't - I for one hate the cold, slimy, fishy stuff.
Can anyone from Glide or Accommodation for Student shine any light on their numbers?
Leeds BS update BTL rates
The Leeds Building Society has updated their BTL mortgage rates. Their max 60% LTV loans now start at 2.65% on a two year fixed with a £1,999 fee.
70% LTV products start at 3.19% for a two-year fixed rate with a fee of £999, and offers a free standard valuation up to £335 and free in-house legal services.
Search the whole BTL mortgage market free
Email:info@propertyhawkbtlmortgages.co.uk
Tel: 029 2069 5446
70% LTV products start at 3.19% for a two-year fixed rate with a fee of £999, and offers a free standard valuation up to £335 and free in-house legal services.
Search the whole BTL mortgage market free
Email:info@propertyhawkbtlmortgages.co.uk
Tel: 029 2069 5446
Buy-to-let mortgages up 40%
The variety and number of buy-to-let mortgage products has hit a post crash high according to Moneyfacts.
They have reported that the number of buy-to-let mortgage products in July now stands at 665. This is up 43% from the same time last year.
Despite the rise the figure remains a long way down from the pre-credit crunch figures of 3,662 mortgages. A heady and distant memory!
Mortgage Search - expert broker
They have reported that the number of buy-to-let mortgage products in July now stands at 665. This is up 43% from the same time last year.
Despite the rise the figure remains a long way down from the pre-credit crunch figures of 3,662 mortgages. A heady and distant memory!
Mortgage Search - expert broker
Monday, July 28, 2014
Self employed buy-to-let mortgage
What is an SA302?
It was a new one to me. Apparently, it was a form introduced back in 2009 by HMRC to verify the amount of tax you have paid. As buy-to-let lenders have tightened up on their lending criteria many mortgage companies have utilised the SA302 as a basic proof of income. This is useful for many of us landlords who often have income from multiple sources and therefore don't fall into that neat PAYE category whlist wouldn't exactly class ourselves as 'short of a penny'.
Where can a landlord get an SA302?
Surely I can download a SA302? Well you can by logging in to your self assessment page and then going to your tax return options. This will then allow a landlord to select a tax year and download the relevant information. The only problem is with downloading your own SA302 is that many mortgage companies will not accept these downloaded versions. I don't know why...in case somebody has tried to forge them perhaps? So a landlord is better off phoning the HMRC direct on 0845 900 0444 and getting them to send them a copy. It should take about 10 days in the post. I've just applied for mine and hopefully this will unlock the 5 year fixed rate remortgage that I'm going for. I'll keep you posted!
Mortgage Search - best 5 year fixed rates
Saturday, July 26, 2014
Landlord training - 'letting essentials'
Over the years Property Hawk has assisted many established and new landlords with expert advice on letting property. Now we have got together with Rebecca Brough from our legal partners, Fidler & Pepper, to run a series of Landlord training events looking at the essentials landlords need to know to manage their own buy-to-let rental properties legally and more effectively. These are informal days, where it is as much about asking questions and exploring best practice than it is about going 'back to school.'
Landlord Essentials will give you, whether you are a newbie landlord, an experienced letting agent or property portfolio owner, the insight to create a tenancy, reference your tenants, use a guarantor agreement, give notice and end a tenancy. We also look at what happens if your tenant stops paying the rent and disappears. How do you trace them and then get your money back?
Details of Training Day
This full days training on the 17th October costs £95, includes lunch and refreshments and takes place in picturesque Bakewell, a short distance from Sheffield and junction 29 of the M1.
During the day the course will cover:
- The Tenancy Agreement - EPC, Gas Safety Certificate, Utilities, References, Guarantors – deed of Guarantee, credit checks
- Deposits - Deposits, Deposit Schemes, Rules, Penalities, Remedies
- During tenancy - Repairing obligations, Right to inspect – difficulties, Tenant’s right to quiet enjoyment, Gas Safety Certificates – HSE guidelines
- Ending the tenancy - Tenant wants to leave, Landlord wants to end the tenancy, Illegal eviction and abandonment, Break clauses, Section 21 notices and court process, Section 8 Housing Act 1988 and court process
- Tracing an absconding tenant - Tips, Getting your money back, Using a tracing agent
- Preparing and submitting an N5B - Workshop learning to fill out your own N5B form for possession
Study in active management - 10% yield
This property in Sheffield is a study in how to manage a property by an active landlord. They are rewarded for their hard work by an almost 10% yield. Don't think that it just happens. This isn't the best of areas in Sheffield or though it's a handy location near the train station and city centre. I can tell at a glance that this property has been actively managed. The property clearly has been improved, the vacancy rates over the last 3 years are practically non existent. The type of units are just the type to be inhabited by young singles, with probably a high turnover of tenants. The yield at almost 10% is high but you would need to factor in a few days of management and maintenance time each week. Having said that the property provides and opportunity for a healthy net income from it's £65,000+ of rent. Don't expect much capital appreciation in the short-term even with the recently improved Park Hill Flats just up the road. With rents and occupancy maxed out it definitely one for an active manager landlord who wants income.
- Freehold
- 14 Studio apartments
- Fully let
- Subject to AST's
- Current rent passing £65,280 pa
- Gross Initial Yield 9.7%
- Off-street parking for all apartments
For more information contact:
Jack Robson +44 (0)113 243 7952 jack.robson@allsop.co.uk
James Wilson +44 (0)113 236 6679 james.wilson@allsop.co.uk
Mortgage Search - expert broker
Thursday, July 24, 2014
PM3s, newly painted and ready to use
PM3S is officially a week old.
For those of our users still clinging to the old PM3 interface we can assure you the new version is perfectly safe and ready to use.
You don't need to download, re-register or change your deodorant to use it.
Simply use your existing login details (email and password ) and login to PM3s here.
See it as a newly painted front door to all your existing property data.
For those of our users still clinging to the old PM3 interface we can assure you the new version is perfectly safe and ready to use.You don't need to download, re-register or change your deodorant to use it.
Simply use your existing login details (email and password ) and login to PM3s here.
See it as a newly painted front door to all your existing property data.
Latest regional rental yields
BM Solutions latest regional rental yield data had put the North East, North West, Midlands and Wales at equal top. The four regions achieve an average gross rental yield of 6.4pc.
What strikes me is the minimal range between the highest yielding areas and the lowest. Even Central London's yields are less than a percentage lower despite the rocketing prices.
What strikes me is the minimal range between the highest yielding areas and the lowest. Even Central London's yields are less than a percentage lower despite the rocketing prices.
Wednesday, July 23, 2014
Using a company to pay less property tax
Should landlords form a company to reduce their tax liablities. This excellent updated guide from Taxcafe goes through the implications with worked examples and is now available at the Property Hawk taxation bookshop.
Subjects covered include:
* How companies are taxed - the clearest explanation you will find anywhere.
* All the benefits and drawbacks of using a company.
* How to cut your tax bill by 40% with a company.
* How to reduce your tax bill by an extra 30% by bringing your spouse/partner into the company.
* How company owners can enjoy massive additional tax savings by varying their income from year to year.
* Tables showing the exact tax savings you could enjoy by using a company.
* How corporation tax reductions in 2013, 2014 and 2015 are making companies even more attractive as tax-saving devices.
* Other important tax issues including home office expenses, motoring and travel expenses, pension contributions, borrowing money and property taxes.
One consideration before incorporating a company to hold your residential investment portfolio is the administrative burden of running a limited company so any landlord going down this route will have to carefully weigh the tax savings with the 'hassle factor'. Have a look at this recent post about setting up a limited company to administer a letting business.
Subjects covered include:
* How companies are taxed - the clearest explanation you will find anywhere.
* All the benefits and drawbacks of using a company.
* How to cut your tax bill by 40% with a company.
* How to reduce your tax bill by an extra 30% by bringing your spouse/partner into the company.
* How company owners can enjoy massive additional tax savings by varying their income from year to year.
* Tables showing the exact tax savings you could enjoy by using a company.
* How corporation tax reductions in 2013, 2014 and 2015 are making companies even more attractive as tax-saving devices.
* Other important tax issues including home office expenses, motoring and travel expenses, pension contributions, borrowing money and property taxes.
One consideration before incorporating a company to hold your residential investment portfolio is the administrative burden of running a limited company so any landlord going down this route will have to carefully weigh the tax savings with the 'hassle factor'. Have a look at this recent post about setting up a limited company to administer a letting business.
Tuesday, July 22, 2014
PRS full of older singleton tenants
The rental sector is a flood with older singletons according to research from Experian.They have identified that the second largest group tenant type, after students, is the 35 to 55 singleton.
These Brigitte and Brian Jones's are typically renting two or three bedroom Victorian or Edwardian shared terraced properties with other singletons, despite earning approaching an average salary between £20k to £29k. Seemingly average is not enough to afford your own place.
Many of them are newly separated and are described as having a "midlife stopgap" - sadly their red Ferrari
s are on hold, whilst they take ownership of their very own shelf in a shared fridge.
A scarcity of first time buyers
The percentage of house sales going to young first time buyers (18 - 30 year olds ) dropped to just 3 percent of last months sales, according to data from the National Association
of Estate Agents.
This compares to the 12 percent share of sales made to this same segment of buyers back in August 2013.
The drop reflects rising prices and the introduction of more stringent affordability requirements on residential mortgages.
A spokesperson for the NAEA commented
This compares to the 12 percent share of sales made to this same segment of buyers back in August 2013.
The drop reflects rising prices and the introduction of more stringent affordability requirements on residential mortgages.
A spokesperson for the NAEA commented
“Things are getting even tougher for first time buyers. Not only do you now
need to stump up ridiculously large sums of money in terms of deposits and
stamp duty to be able to get on the ladder, but new (mortgage) rules mean
buyers will also have to prove they can easily afford repayments now and in
the future,” said Mr Hayward.
Million landlords face a tax investigation
According to the latest report in the Mail almost a million landlords could face a tax investigation because the have failed to register with HM Revenue & Customs (HMRC)
Landlords are not registering for tax
This is based on the fact that the number of landlords now equals 1.4 million whilst only 500,000 have registered with HMRC. In theory there are over 900,000 landlords that could be quizzed by the HMRC about their buy-to-let property and tax affairs. For many landlords historically there appeared no need to register with HMRC because not making rental profits. The difficulty for many landlords is that since interest rates have fallen to the floor is that they are now making significant rental profits. HMRC are aware of this and could now be pressing to find un paid taxes. Accountancy, firms have estimated that unpaid taxes could equal in the order of £550 million.
Tax advice
Landlords need to be aware that where they do make a rental loss that they can off set this against future rental profits. Whilst clearly HMRC have limited resources and will not be able to launch investigations against every unregistered landlord. At the same time there is an increasing risk that landlords who do not declare their rental income will be targeted & investigated. Chris Horne a serial landlord and Editor of Property Hawk a leading website for landlords comments:
"The nature of many landlords is that start off with one property which makes no money so they don't feel they need to notify HMRC. Over the years that 1 property perhaps builds into a portfolio of 5 or maybe 10 properties. Perhaps they have sold a property along the way to allow them to build up their rental business and purchase more investment properties. Over time they have a significant rental business but have not declared it to the tax authorities. Landlords in this situation, feel trapped because they are worried about the fact they have not registered and how the tax authorities will deal with them. I know this because it is exactly what happened to me.
Landlords are therefore always best to disclose their income from the outset to avoid this happening. If this situation has arisen then they should seek professional tax advice but a full disclosure to the tax authorities will often be treated more leniently than been discouvered as part of an investigation."
Calculate my rental tax return
Landlords are not registering for tax
This is based on the fact that the number of landlords now equals 1.4 million whilst only 500,000 have registered with HMRC. In theory there are over 900,000 landlords that could be quizzed by the HMRC about their buy-to-let property and tax affairs. For many landlords historically there appeared no need to register with HMRC because not making rental profits. The difficulty for many landlords is that since interest rates have fallen to the floor is that they are now making significant rental profits. HMRC are aware of this and could now be pressing to find un paid taxes. Accountancy, firms have estimated that unpaid taxes could equal in the order of £550 million.
Tax advice
Landlords need to be aware that where they do make a rental loss that they can off set this against future rental profits. Whilst clearly HMRC have limited resources and will not be able to launch investigations against every unregistered landlord. At the same time there is an increasing risk that landlords who do not declare their rental income will be targeted & investigated. Chris Horne a serial landlord and Editor of Property Hawk a leading website for landlords comments:
"The nature of many landlords is that start off with one property which makes no money so they don't feel they need to notify HMRC. Over the years that 1 property perhaps builds into a portfolio of 5 or maybe 10 properties. Perhaps they have sold a property along the way to allow them to build up their rental business and purchase more investment properties. Over time they have a significant rental business but have not declared it to the tax authorities. Landlords in this situation, feel trapped because they are worried about the fact they have not registered and how the tax authorities will deal with them. I know this because it is exactly what happened to me.
Landlords are therefore always best to disclose their income from the outset to avoid this happening. If this situation has arisen then they should seek professional tax advice but a full disclosure to the tax authorities will often be treated more leniently than been discouvered as part of an investigation."
Calculate my rental tax return
Monday, July 21, 2014
Most popular BTL mortgages
| Max LTV | Initial Rate | Term | Completion fee | Booking fee | Incentives | Lender |
| 85% | 5.99% Discount | 2 Years | 2.5% | £130.00 | No | Kent Reliance Multi Let & Ltd Co. Semi Exclusive |
| 85% | 5.99% Discount | 2 Years | 3% | £130.00 | No | Kent Reliance Multi Let & Ltd Co. Semi Exclusive |
| 85% | 4.99% Fixed | 2 Years | 2.5% | £130.00 | No | Kent Reliance Semi Exclusive |
| 80% | 4.99% Fixed | 2016-10-31 | 0% | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 80% | 3.99% Fixed | 2016-10-31 | £2495 | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 80% | 4.87% Fixed | 2019-08-31 | £995 | £0.00 | No | Saffron BS Semi Exclusive |
| 80% | 4.47% Fixed | 2017-03-31 | 2% | £0.00 | No | Saffron BS Semi Exclusive |
| 75% | 4.69% Discount | 3 Years | 2% | £0.00 | No | Saffron BS Semi Exclusive |
| 75% | 3.79% Fixed | 2016-10-31 | 0% | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 75% | 2.75% Fixed | 2016-10-31 | £2495 | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 65% | 5.27% Fixed | 2017-03-31 | 2.5% | £0.00 | No | Saffron BS Ex-Pat Semi Exclusive |
| 60% | 2.45% Discount | 2 Years | £1950 | £250.00 | One free Valuation on properties valued up to £1,000,000 | Hinckley & Rugby Exclusive |
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.
Search the whole BTL mortgage market free
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.Who is the new housing minister?
This is because there have now been 4 housing minister in 3 years under the current coalition government. This actually makes a phenomenal 15 in 17 years meaning that a Minister can expect to stay in post for no more than a year.
Brandon Lewis takes over from Kris Hopkins who was Minister for just 10 months. Brandon Lewis will be responsible for housing and planning and reports indicate that he has the advantage of being a landlord himself hopefully giving him some useful insights on what it's like.
Property Hawks advice to Brandon is not to get too comfortable and it's probably not worth getting his decorating gear out to redecorate the office. Ironically, the average Housing Minister is in post less time than the average tenant stays in their rental property which has now reached a record 20 months in length. Surely, this is not a good basis for long-term housing policy?
Landlord insurance - professional rates - online brokers
Saturday, July 19, 2014
Lenders rule out mortgage income cap
I also proffered the view that I thought it unlikely that other lenders would follow RBS' lead.
Reports in the FTAdviser indicate that this is the case.
The worry remains however, that the Bank of England could act to limit lending if they perceive that the housing market runs out of control. In the past monetary policy through the use of interest rates would be the go to mechanism. The current Governor Mark Carney seems reluctant to raise interest rates for fear of choking of economic recovery in the rest of the economy.
Landlord should keep a careful eye on the mortgage market for signs that policy makers may be prepared to act.
Thursday, July 17, 2014
Basic navigation of our new free landlord software
We've set the new version of our free property management software live today.
Property Manager 3s has an updated interface, that places key data onto Summary Screens, for portfolio, individual property addresses and specific tenancies.
A Title bar at the top of the screen displays the selected property address and selected tenancy.
We have also installed a pair of permanent menus.
Firstly, a left hand Function menu, containing category headings. These headings are click-able, to reveal their sub-category of options.
The Function menu also contains click-able blue counters, showing number of tenancies, forms, properties, rent demands, file uploads and tasks in your portfolio.
Alongside the Function Menu, a permanent horizontal Button bar, runs just beneath the Title bar.
This Button bar contains additional options buttons and action buttons. We hope you like the PM3s upgrade.
Property Manager 3s has an updated interface, that places key data onto Summary Screens, for portfolio, individual property addresses and specific tenancies.
A Title bar at the top of the screen displays the selected property address and selected tenancy.
 |
| Title bar |
 |
| Function menu and click-able counters |
Firstly, a left hand Function menu, containing category headings. These headings are click-able, to reveal their sub-category of options.
The Function menu also contains click-able blue counters, showing number of tenancies, forms, properties, rent demands, file uploads and tasks in your portfolio.
Alongside the Function Menu, a permanent horizontal Button bar, runs just beneath the Title bar.
This Button bar contains additional options buttons and action buttons. We hope you like the PM3s upgrade.
 |
| Button bar |
Wednesday, July 16, 2014
Average rents for Central London
Average weekly rents for Prime Central London - new Savills residential research: http://t.co/OFFMGgNn5f pic.twitter.com/qCpn29eupI
— Savills UK (@SavillsUK) July 16, 2014
London property twice the price of UK
The average London property now costs more than twice that of the UK average according to the latest Office for National Statistics (ONS) data. A London property is a record 2.2 times that of an average UK home.
It reports a London boom saw prices up by 20.1 in the 12 months to May was nearly three times the rest of the UK's growth rate of 7.3percent.
Most popular BTL mortgage
| Max LTV | Initial Rate | Term | Completion fee | Booking fee | Incentives | Lender |
| 85% | 5.99% Discount | 2 Years | 2.5% | £130.00 | No | Kent Reliance Multi Let & Ltd Co. Semi Exclusive |
| 85% | 5.99% Discount | 2 Years | 3% | £130.00 | No | Kent Reliance Multi Let & Ltd Co. Semi Exclusive |
| 85% | 4.99% Fixed | 2 Years | 2.5% | £130.00 | No | Kent Reliance Semi Exclusive |
| 80% | 4.99% Fixed | 2016-10-31 | 0% | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 80% | 3.99% Fixed | 2016-10-31 | £2495 | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 80% | 4.87% Fixed | 2019-08-31 | £995 | £0.00 | No | Saffron BS Semi Exclusive |
| 80% | 4.47% Fixed | 2017-03-31 | 2% | £0.00 | No | Saffron BS Semi Exclusive |
| 75% | 4.69% Discount | 3 Years | 2% | £0.00 | No | Saffron BS Semi Exclusive |
| 75% | 3.79% Fixed | 2016-10-31 | 0% | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 75% | 2.75% Fixed | 2016-10-31 | £2495 | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 65% | 5.27% Fixed | 2017-03-31 | 2.5% | £0.00 | No | Saffron BS Ex-Pat Semi Exclusive |
| 60% | 2.45% Discount | 2 Years | £1950 | £250.00 | One free Valuation on properties valued up to £1,000,000 | Hinckley & Rugby Exclusive |
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.
Search the whole BTL mortgage market free
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.
Agents are gunning for big portals
The agents are attempting another fight back against the market strangle-hold of the two key online property portals, Rightmove.com and Zoopla.co.uk .
They've tried and failed before,( remember Propertylive and other botched agent backed portals), but fed up with the high ransoms, another maverick consortium of agents have saddled up and formed a new company - Agents Mutual. The company has announced that it already has 1000 agents signed up to join its new portal, 'Onthemarket', when it launches in early 2015.
Where this new launch differs from the previous attempts to break free of Rightmove high ransoms, is the agreed requirement, that those agents who sign up must then drop from one of the two major portals.
This disruption in the market could unsettle Rightmove and Zoopla from their perch.
With 1000 agents already reportedly signed up equating to 3000 branches - about a quarter of the 12,000 branches estimated to exist in the UK this time the agents might just do it.
Agents Mutual are aiming to reach 5,000 branches prior to the launch of Onthemarket next year.
Giddy up!
Landlord cleaning goes high tech
Louise has just gone in and done a thorough house clean. Her first question was do you use whatsapp. Well I know that I downloaded the app onto my iphone some months ago and that's about as far as I got.
"I'll do the clean and then send you the images across to you with Whatsapp. You can then use them to either advertise the property or in your inventory". She profferred.
So the clean was completed yesterday and true to her word I received a text from her to say that the pictures showing my freshly cleaned property are on their way. I then spend 5 minutes twiddling about with my bloomin app & iphone. Sure enough some how the images appear in glorious technicolour showing my now gleaming buy to let.
The wonders of technology and landlording come together in perfect harmony. Just witness the results. Sweet!
Landlord insurance - expert brokers - professional rates
Tuesday, July 15, 2014
Landlording is a young persons game
Being a landlord wears most of us down over time. I'm not talking about a year or two, but over decades renting out property takes its toll on even the best of us. There is always that nagging feeling that some tenant is going to make a complaint, some terrible accident is about to happen, or the economy is going to crash ...again.
It seems that 'landlord burn-out' is the reason that the Wilsons are selling. The King and Queen of BTL, have put their entire property portfolio up for sale. In an interview with the Daily Mail, the Wilson's sounded fatigued by the whole lettings business. The pair are clearly burnt-out and thoroughly fed up with the inevitable hassle that letting property brings.
I remember back to when I first started investing, back in the mid-nineties. I bought a small portfolio from a landlord who echoed the very same sentiments of the Wilsons, as he gleefully handed me the keys, he pronounced "landlording was a young man's game" then headed off to spend more time on his cruiser moored in Plymouth.
For the purposes of gender equality, let's just update his sentiment, to "a young person's game", but whichever. The older I get, the more I appreciate his gleeful exit.
I'm not quite sure why it is - whether knowledge and experience outlines all the things that can go wrong, or whether my decreasing energy makes dealing with things feel increasingly like hard work, or whether overtime, you just get bored with the repetitive letting cycle, but for whatever reason, landlording does seem to get harder the older and the longer you do it.
I do wonder, whether the recent influx of older landlords entering the BTL market with their newly available pension pots know quite what they are getting themselves into.
Let's just hope it brings them the happy and relaxing retirement they'd hoped for.
Personally, I'm coming around to the Wilson's way of thinking. Old age might be better kept for gardening, walking the dog and clearing your mind to focus on what is important - family, friends and ashtanga yoga.
Live long and prosper.
Landlords paid to cap rents
The nub of the problem
Firstly, isn't rising rents a symptom of spiralling London house prices. If the cost of a productive asset increase 25% in a year, then it follows that the returns required from that asset will also need to rise by the equivalent amount or else the rental yield and investment returns fall massively. That level of rising house price also indicate to me that tenants want to live in the area. Surely, a positive thing.
Half baked political sop
The Cllr cabinet member for housing Cllr Julian Fulbrook (and ex colleague of Christine Whitehead) is looking at offering loans to landlords for capital repairs in return for signing up for the councils rent stabilisation scheme. Apparently, the big benefit for landlords would then be to have a kitemark saying Camden Council Approved. Oh yipperdee do!
The real problem
The real problem is that not enough housing is being built in the area for people to rent or buy. One resident of Camden a Mr Ed Milliband if he gets into power will make thinks a hell of a lot worse by instigating rent controls and mandatory 3 year tenancies. Plans like this or even the threat of it will kill any build to rent development schemes dead in the water. What we need in the capital is a long-term vision to build more housing. But politicians don't like to do long-term and especially when a general election looms next year.
Landlord insurance - professional rates - expert brokers
Monday, July 14, 2014
Tenant threatens landlord with gun
An disgruntled tenant has been accused of threatening his landlord with a gun.
The incident is still being investigated by Lancashire Police.
The angry tenant, a Mr Darryl James Riding, 28 from Preston allegedly travelled by taxi to threaten his landlord, a Doctor Khumar.
Armed with a silver handgun, the accused is also being charged with threatening the taxi driver and not paying his taxi fare.
The incidents occurred on June 29th in Chorley, Lancarshire.
A preliminary hearing will be held at Preston Crown Court on July 15 and Riding is remanded in custody until then.
A preliminary hearing will be held at Preston Crown Court on July 15 and Riding is remanded in custody until then.
BTL mortgages for expats
Skipton International have introduced a range of BTL mortgages for expats wanting to invest in the UK property market.
Their Director of Lending, Nigel Pascoe, said : “Last year we launched a portfolio of buy-to-let mortgages for Channel Islands’ residents which attracted a lot of interest. UK housing has demonstrated long-term price inflation and purchasing a property, as an investment, whilst living abroad often makes financial sense. Many people are seeking an alternative pension plan and so we’ve listened to our customers in coming up with this new range.”
The products have a max LTV of 75 per cent and are only available on properties England and Wales. Any applicants will need to be UK expats working in an approved list of countries.
Their Director of Lending, Nigel Pascoe, said : “Last year we launched a portfolio of buy-to-let mortgages for Channel Islands’ residents which attracted a lot of interest. UK housing has demonstrated long-term price inflation and purchasing a property, as an investment, whilst living abroad often makes financial sense. Many people are seeking an alternative pension plan and so we’ve listened to our customers in coming up with this new range.”
The products have a max LTV of 75 per cent and are only available on properties England and Wales. Any applicants will need to be UK expats working in an approved list of countries.
Search the whole BTL mortgage market free
Email:info@propertyhawkbtlmortgages.co.uk
Tel: 029 2069 5446
Email:info@propertyhawkbtlmortgages.co.uk
Tel: 029 2069 5446
Saturday, July 12, 2014
Income caps on BTL mortgages
This policy is inline with attempts from the European Union to exert greater control over residential investment mortgages. We have said in the past that income based control of lending does not help landlords or greater investment in the private rental sector. In Property Hawk's view it is not a good measure on it's own of affordability of a mortgage.
Clearly, this move is politically led. A bank 81% owned by the Government is being used as an instrument to calm a perceived overheating housing market. Whilst the market might be white hot in the market surrounding the 'Westminster Bubble.' This is clearly not so in the rest of mainstream UK. It does however illustrate why business does not belong in the hands of the public sector and the politicians. These arbitrary mortgage income limits on buy-to-let mortgages will only drive landlords into the arms of other lenders reducing the profitability of a bank that will clearly end up being sold in the coming years at less than it should be if allowed to operate on a purely commercial basis. With buy-to-let mortgage repossession rates being below that of owner occupation and with many of the buy-to-let mortgages being secured based on the rental levels of the proposed investment, not on the landlords income. The rational for this income link is not clear. But there again, this is not a rational commercial move it's political, which for us simple landlord folk explains everything.
Mortgage Search - whole of market - expert advice
Thursday, July 10, 2014
Corporate landlords will beat the individual
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| Asparagus and r-r-red peppers? |
The big boys moved in and showed us how it should be done properly, offering greater choice cheaper. Big did it better.
One can only predict that the same will happen to landlords. Certainly the student rental sector is rapidly moving that way. Increasing numbers of purpose built student residential blocks are sucking demand away from the traditional terraces and semis.
Unite Group are the countries biggest provider of purpose-built student housing and they are growing fast. It has just been announced that they have bought a 2,904-unit student accommodation portfolio from Cordea Savills’ for £137million.
This acquisition brings the value of Unite's total student portfolio to £1.5 billion
The deal is part of booming student property investment market, boosted by the surprise announcement in George Osborne's Autumn Statement, lifting the cap on the number of students a university can take in.
The Financial Times has listed some of the recent activity in the student residential investment sector.
Fifty years from now the small, independent landlord will be a far rarer beast.
Landlords will be looked back upon with the same nostalgic whimsy as the corner grocer.
"Remember how he'd turn up in Audi estate, a mastic gun in one hand and a rent book in the other ..."
Debate on landlords allowable expenses
The Telegraph have published an article with a list of a landlord's allowable expense whilst in another piece, a columnist, Dan Hyde argues that these tax concessions for landlords are overly generous, and will only continue to maintain the imbalance in wealth between the old and the young.
Last year private residential landlords claimed £13 billion in allowable expenses
Last year private residential landlords claimed £13 billion in allowable expenses
Deposit Protection Service - repayment id tip
I personally use the Deposit Protection Service custodial scheme. I've just had a repayment request from my tenant who has just moved out. A landlord will need their repayment ID in order to complete the process. I've found that frequently the repayment ID email will get filtered into you spam folder and then get deleted after 90 days or so. This means that often landlords are left without the details.
After chatting to a very helpful guy at the Deposit Protection Service he talked me through the screens needed. You need to go to the Deposit tab and then view deposits. Click on the relevant deposit and then at the bottom right of the screen is the link highlighted Request a repayment ID Reminder. Click this and within a couple of seconds you will get sent your repayment ID. You can then add the number in to allow you to respond to your tenants request and repay their deposit in my case in full.
Landlord Insurance - professional rates - online quotes
Wednesday, July 09, 2014
House cleans - are they worth it?
The property is in a reasonable state. It's not perfect. There are dirty kick boards in the kitchen, dust, marks on the wall and the oven as always has taken a hammering.
In an ideal world I probably would get the decorators round, after all it's been 3 years since the tenant moved in and the place is looking a little tired. A good compromise in my mind is a thorough clean. I'm not around so I'm toying with paying for a thorough house clean. It may be a £100+ but it's often amazing how a little bit of buffing transforms the look and feel of a place. What are other landlords views on their cleaning regime following a tenant check out? To clean or not to clean that is the question.
Landlord insurance - online quotes - professional rates
Tuesday, July 08, 2014
Paragon Mortgages launches new products
Paragon Mortgages has launched a new 2-year fixed BTL mortgage. The rate of 4.45 per cent comes with a 2 per cent product fee, for single, self-contained properties, ‘houses in multiple occupation’ and multi-unit blocks.
As part of their new range of product Paragon have introduced a lifetime tracker with a maximum LTV of 75 per cent, alongside some new 2-year trackers.
Talking about the new products, John Heron, managing director of Paragon Mortgages, said: “We have refreshed and expanded our product range to ensure that we remain competitive in the professional and large-scale landlord market."
“The range includes not just a variety of rates but terms too, there is more choice. So if landlords do want the benefit of fixing for a longer-term we have a five year fix, and also a lifetime tracker available."
As part of their new range of product Paragon have introduced a lifetime tracker with a maximum LTV of 75 per cent, alongside some new 2-year trackers.
Talking about the new products, John Heron, managing director of Paragon Mortgages, said: “We have refreshed and expanded our product range to ensure that we remain competitive in the professional and large-scale landlord market."
“The range includes not just a variety of rates but terms too, there is more choice. So if landlords do want the benefit of fixing for a longer-term we have a five year fix, and also a lifetime tracker available."
Search the whole BTL mortgage market free
Email:info@propertyhawkbtlmortgages.co.uk
Tel: 029 2069 5446
Email:info@propertyhawkbtlmortgages.co.uk
Tel: 029 2069 5446
Monthly Summary testing in PM3s
Can you help us evolve an additional feature to PM3s.
We have added a Monthly Summary report screen to PM3s. The page isn't available in the main menu yet and is still under development. It can be accessed via the sitemap (link at top of PM3s screen), click Monthly Summary.
Have a look and tell us what you think.
One proposition to consider is whether it would be useful to have this as a downloadable monthly report or not? Would it be good to keep a paper record of your monthly rent and expenses.
Any thoughts from our existing users?
We have added a Monthly Summary report screen to PM3s. The page isn't available in the main menu yet and is still under development. It can be accessed via the sitemap (link at top of PM3s screen), click Monthly Summary.
Have a look and tell us what you think.
One proposition to consider is whether it would be useful to have this as a downloadable monthly report or not? Would it be good to keep a paper record of your monthly rent and expenses.
Any thoughts from our existing users?
Landlords and new laws regarding Anti-Social Behaviour
At last something positive for landlords.
October 2014 sees the introduction of the Anti-Social Behaviour - Crime and Policing Act 2014.
The Act brings in two new grounds of possession for landlords:-
- Ground 7A - this is a mandatory ground for possession if your tenant has committed a serious criminal offence, breached an injunction or an anti-social behaviour order, or breached a noise abatement notice. If you have evidence of any of these against your tenant (and it includes offences that have been carried out away from the property) you can serve notice on your tenant seeking possession. If the Court is satisfied that there is sufficient evidence you will get possession
- Ground 14ZA - if your tenant is convicted of an indictable offence at the scene of a riot there is a discretionary ground for possession.
While the Act is not in force yet you do need to check your tenancy agreements to ensure that you can seek possession under these new grounds - if your tenancy agreement allows you to seek possession under any of the grounds in Schedule II of the Housing Act you are fine. However, if your tenancy agreement just states specific grounds, for example ground 8, 10 and 11 for rent arrears you will not be able to rely on the new grounds. Now is the time to ensure that any new tenancies you enter into are covered.
If you require any advice or assistance regarding this please do not hesitate to contact me at propertyhawk@fidler.co.uk.
Rebecca Brough
Call for change in eviction law
A Guardian blogger argues that eviction laws need to be changed to protect tenants. A further discussion piece on the accusation by Shelter in a rise of what they deem are 'revenge evictions'.
The NLA has countered Shelter's data on revenge evictions.
The NLA has countered Shelter's data on revenge evictions.
Data on disposable income from ONS
This bit of data might be useful to those investors trying to identify those areas with the best potential for future property price growth.
How does the #economy and disposable #income vary within the UK? http://t.co/O2Y1qRaffL pic.twitter.com/YPYYBcy7xj
— ONS (@ONS) July 7, 2014
Fergus Wilson is selling up
Fergus and Judith Wilson, the King and Queen of BTL are set to abdicate. The famous Kent landlords are set to sell their entire property portfolio of nearly 1000 properties. The total portfolio is expected to go for over £100 million.
Fergus Wilson has said he would like to go on to advise the government on housing policy.
The Wilsons have hit the headlines over the years, most recently for sending out eviction notices to the majority of their housing benefit tenants.
Fergus said the bounce in property prices has made it a good time to sell, in an email to the Guardian he said, "We are selling up the whole lot! The market has recovered and passed the 2007 level."
A local estate agent to the Park Farm estate in the Ashford area where much of the portfolio is situated said that typical houses had recovered from their 2009 low of around £150k back to £185k.
A local estate agent to the Park Farm estate in the Ashford area where much of the portfolio is situated said that typical houses had recovered from their 2009 low of around £150k back to £185k.
Fergus Wilson has said he would like to go on to advise the government on housing policy.
The question is, are the Wilsons calling the end of the property boom?
Monday, July 07, 2014
Most popular BTL mortgages
| Max LTV | Initial Rate | Term | Completion fee | Booking fee | Incentives | Lender |
| 85% | 4.99% Fixed | 2 Years | 2.5% | £130.00 | No | Kent Reliance Semi Exclusive |
| 85% | 5.99% Discount | 2 Years | 2.5% | £130.00 | No | Kent Reliance Multi Let & Ltd Co. Semi Exclusive |
| 80% | 4.99% Fixed | 2016-10-31 | 0% | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 80% | 3.99% Fixed | 2016-10-31 | £2495 | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 80% | 4.87% Fixed | 2019-08-31 | £995 | £0.00 | No | Saffron BS Semi Exclusive |
| 80% | 4.47% Fixed | 2017-03-31 | 2% | £0.00 | No | Saffron BS Semi Exclusive |
| 75% | 4.69% Discount | 3 Years | 2% | £0.00 | No | Saffron BS Semi Exclusive |
| 75% | 3.79% Fixed | 2016-10-31 | 0% | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 75% | 2.75% Fixed | 2016-10-31 | £2495 | £150.00 | Free valuation | Mortgage Trust Exclusive |
| 65% | 5.27% Fixed | 2017-03-31 | 2.5% | £0.00 | No | Saffron BS Ex-Pat Semi Exclusive |
| 60% | 2.45% Discount | 2 Years | £1950 | £250.00 | One free Valuation on properties valued up to £1,000,000 | Hinckley & Rugby Exclusive |
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.
Search the whole BTL mortgage market free
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.Landlord Rigsby spotted in Devon
Whilst the comedy landlord played by the now deceased actor Leonard Rossiter was harmlessly incompetent; Landlord Roger Lewis a landlord with a portfolio of flats in North Devon has been sent on a sex offenders course for his inappropriate behaviour.
One of the incidents occurred when Lewis was called to inspect an area of rising damp in one of his flats. You really couldn't make it up! Recorder Mr Jonathan Fuller, QC, ordered him to pay £320 costs and imposed a Sexual Offences Prevention Order banning him from visiting female tenants on his own.
For the full gory details.
Landlord Insurance - professional rates - online quotes