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Friday, September 30, 2016

Most popular BTL mortgages

Max LTVInitial RateTermCompletion feeBooking feeIncentivesLender
80%2.64% Discount2 Years0%£0.00NoHanley Economic Exclusive
80%3.35% Fixed2018-11-30£1999£150.00Free ValuationMortgage Trust Exclusive
80%4.89% Discount3 Years2%£0.00NoSaffron BS Semi Exclusive
75%2.28% Fixed2018-10-31£999£0.00NoNewcastle Building Society
75%2.59% Fixed2018-11-30£1999£150.00Free ValuationMortgage Trust Exclusive
75%2.71% Fixed2018-10-310%£0.00Free Standard Valuation (on properties up to and including £500,000) and Free Standard Legal Fees. Newcastle Building Society will pay for some of the legal fees for the re-mortgage including the basic professional fee and standard disbursements. The basic fee payable does not include a Telegraphic Transfer Fee (£30) where this fee is applicable and any non standard work such as but not inclusive too : Assured Short hold Tenancy Checks, Transfer of Equity, Removing Second or Subsequent Charges and Completing electronic Identification Checks. Newcastle Building Society
75%2.95% Fixed2018-11-30£1499£150.00Free Valuation and free standard legal services (other fees may apply). Mortgage Trust Exclusive
75%3.24% Tracker0 Years1.25%£0.00NoN & P Ltd Company
75%3.49% Fixed2022-01-312%£125.00NoFoundation Semi-Exclusive Ltd Company
75%3.66% Tracker2 Years1.5%£100.00NoAxis Specialist
65%3.55% Fixed2019-10-31£1499£150.00NoParagon Semi-Exclusive Premier Ltd Company
 
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.

Sept sees slower property price growth

The Nationwide House Price Index for September 2016 has been published.
  • House prices increased by 0.3% in September 
  • Annual house price growth slowed to 5.3%, from 5.6% in August 

nationwide hpi sept 16

Robert Gardner, Nationwide's Chief Economist, comments:

“The pace of annual house price growth slowed to 5.3% in September, from 5.6% in August, though it remained within the narrow range of 3% to 6% that has prevailed since early 2015.

The relative stability in the rate of house price growth suggests that the softening in housing demand evident in recent months has been broadly matched on the supply side of the market. Survey data indicates that, while new buyer enquiries have remained fairly subdued, the number of homes on the market has remained close to all-time lows, in part due to low rates of construction activity (discussed in more detail opposite).

Regional price trends were also little changed. Regions in the south east of England continued to record the strongest gains even though price growth slowed noticeably in the Outer Metropolitan region (from 12.4% in Q2 to 9.6% in Q3) and in London (from 9.9% in Q2 to 7.1% in Q3).

“House price growth remained subdued in Scotland (+2%) and Northern Ireland (+2.4%) and small price declines were recorded in Wales (-0.5%) and the North of England (-0.2%), all relative to Q3 last year (see page 3 for more commentary on regional house price trends). "


Housing supply 

“The number of new homes built in England has picked up, but is still not sufficient to keep up with the expected increase in the population. In the four quarters to Q2 2016, 139,000 new houses were completed, 30% higher than the low point seen in 2010. However, this is still around 15% below the average rate of building in the five years before the financial crisis and 38% below the 225,000 new households projected to form each year over the coming decade."

London developers not building family homes

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Thursday, September 29, 2016

BTL borrowers to face more scrutiny

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Will I pay CGT if I sell my BTL?

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Airbnb denies pushing up London rents

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A 'Birmingham and Manchester' boom

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Plans for flood risk symbols

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ONS August data on private rents

The ONS have published their Index of private housing rental prices (IPHRP) in Great Britain, results: Aug 2016.

The main findings are -
  • Private rental prices paid by tenants in Great Britain rose by 2.3% in the 12 months to August 2016, down 0.1 percentage point compared with the year to July 2016.
  • Private rental prices grew by 2.4% in England, 0.1% in Wales and were unchanged in Scotland (0.0%) in the 12 months to August 2016.
  • Rental prices increased in all the English regions over the year to August 2016, with rental prices increasing the most in the South East (3.4%).
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London earning growth and rent inflation

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Council call for business rates on HMOs

Brighton and Hove City Council are looking at charging HMO landlords business rates.

The Labour ran Council are to write to the Government asking for a change in the law.

Brighton and Hove has 15,000 Houses in Multiple Occupation, the highest number in the country.

Labour Councillors believe that HMO landlords have an advantage over other potential property investments, such as  hotels and self-catering holiday, and believe charging business rates would help stop the ever proliferation of HMOs in the area. 

They are currently looking for cross party backing from councillors before presenting their argument to the Government.

Conservative councillors have questioned the proposal, airing their concern it will just push up rents, whereas the Green Party are supporting the idea and wish for it to be extended to include all rental property. 

Labour Cllr Warren Morgan, Leader of the Council, argues: 

“There is an increasing impact on city services of HMOs, many of which house students. Residents are telling us that their community is changing, that there is too much fly-tipping and that they are paying for services where all too often HMO landlords are not.

Our universities contribute hugely to the city. We need to find a happier balance between the costs and benefits of being a university town. We are looking at more enforcement and regulation of HMOs, we will work with the universities to try to make neighbourhoods as well-maintained as possible, but the government needs to play its part as well by helping us offset the additional costs.”

Time to invest in social housing

Wednesday, September 28, 2016

Low interest rates forever - says BofE Dep.Gov

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One in seven Scottish homes are PRS

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A peak in flat sales - ONS data

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Labour to build 500,000 social homes

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Most affordable commuter towns

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Rates for 5 yr fixed BTLs hit low

The average five-year fixed rate for a 75% LTV on a BTL mortgage has hit its lowest ever rate.


According to the Moneyfacts website the average five year fixed was now just 3.96%, a drop of 0.49% over the past six months.

The average five-year fixed rate for a 60 % LTV on a BTL fell to just 3.48% .

Charlotte Nelson, from Moneyfacts.co.uk, 

"All LTVs for five-year fixed rates have reached the lowest in the market this month.

Low rates may make BTL an attractive option, but borrowers should remember that a BTL investment is not without its risks, so it is important for any potential landlords to seek financial advice,” 



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.

Sunday, September 25, 2016

Saturday, September 24, 2016

Right to buy pledge not met

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The average first time buyers age

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Changing from sole to joint tenancy


We have had a recent post from a landlord looking to change a tenancy from a sole tenancy to a joint tenancy as a result of a recent cohabitation of tenants.  This is an interesting question as you don't want to be caught out..should you us a deed of variation for instance.

We have also covered the opposite where tenants break up and the tenancy needs to change from a joint to a sole tenancy.

Things never stand still when it comes to the occupation of your rental properties so keeping the legal documentation up to date and relevant is critical.

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Thursday, September 22, 2016

HMRC to tackle stamp duty avoidance

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Keeping quiet about your BTL

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CML report housing market recovery

The Council of Mortgage Lenders stats for August saw the highest August lending rate since a pre-crash August 2007.

Gross mortgage lending was £22.5 billion during the month of August, 7% up on July ( £21.1 billion).

The August 2016 figures are 15% higher than August 2015 (£19.5 billion), The last time this figure was  surpassed for August was August 2007 (£33.6 billion)

CML's senior economist, Mohammad Jamei comments:

"Widely voiced fears in recent months about the housing market have proved to be wide of the mark. Prospects for house purchase activity post-referendum look slightly subdued, when compared to late 2015 and early 2016. However, sentiment in the market recovered in August. This is reflected in stronger-than-expected transaction figures, and in our gross lending estimate.

This recovery in sentiment is likely to be down to a number of different factors, including the Bank of England’s monetary stimulus and its introduction of the Term Funding Scheme in August. A subsequent uptick in approvals is anticipated, albeit still at levels lower than earlier this year as affordability constraints and lack of properties on the market for sale continue to bear down on borrowers. The Bank also continues to indicate another rate cut on the cards, if medium term prospects remain unchanged."

Read more - CML report late summer lending surge

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The first property ISA

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Trip Advisor style site for tenants

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Tenancy deposits reflect PRS growth

The latest statistics from the Tenancy Deposit Scheme shows that at the end of March 2016 there were a total of 3.426m deposits protected across England and Wales; up 360,000 over the year.

The total value of these deposits was £3.567bn, up £379m over the year.

The average deposit remains static at £1,041. 

Steve Harriott Chief Executive of the Tenancy Deposit Scheme and the new TDS Custodial scheme comments:

“These figures demonstrate the continuing growth of the private rented sector, which is now larger than the social housing sector in England and Wales. The huge number of deposits being paid by tenants at a value of some £3.5bn demonstrates the need for tenancy deposit schemes to ensure that deposits are protected for tenants." 

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Tenants hit by online rental frauds

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Selective licensing in Redbridge?

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Wednesday, September 21, 2016

99 facts about fire doors

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Latest Prime London Property report

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Tenants win leaky counterclaim

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Tuesday, September 20, 2016

London's luxury student accommodation

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Campaign to ban £115m agency fees

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BTL investors to sue Skipton and BofI

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Asking prices start to recover

Rightmove has released its House Price Index for September 2016
  • Prices of property coming to market up 0.7% (+£2,277) following a 2.0% fall 
  • Prices of smaller properties  coming to market ( 2 beds or less ) up 3.3% (+£6,240) 
  • Asking prices now almost £20,000 (+10.5%) higher than a year ago in this sector
  • Seven out of 10 regions see asking prices rise or standstill
  • First full week of September sees visits to Rightmove up 8% on same period in 2015


 Rightmove's Miles Shipside, comments: 

“Some of those trying to get onto the property ladder may have wistfully listened to speculation of lower prices in a post-Brexit Britain. While the referendum result has created additional downwards price pressure in some upper segments of the market that were already slowing, those who do not own a home and arguably have the greatest housing need are now finding it harder to achieve their goal in the post-Brexit-vote aftermath. In their favoured target sector with two-bedrooms or fewer average asking prices have jumped by over £6,000 in the last month as we enter the typically active Autumn market.”

The rising tide of prices is marooning more and more first-time buyers, out-stripping their ability to meet stricter lending criteria and afford the required deposits and monthly repayments. Increasing numbers are being cut off from home-ownership altogether and while schemes are in place to help, the additional demand they create is not matched by available and affordable supply. With an average rise of over 10% in prices of typical first-time buyer properties over the last 12 months, minimum entry prices in some locations will go above what lenders are able to lend to most aspiring first-time buyers. Ironically the post-referendum uncertainty has made some sellers of larger and higher value homes more willing to negotiate, making it easier for those already on the ladder to trade up. There appear to be no such positives at present for those hoping to get onto the property ladder, especially as agents report more investor activity attracted by better returns than available elsewhere.

The market continues to shake off the effect of post-Brexit vote uncertainty, though more so in the lower end sector. Buyers are still looking and enquiring, but there are limits on their willingness or ability to pay over the odds so sellers should be wary of over-pricing unless their local market can really justify it.”

property asking prices august2016

PRS has a problem with damp

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2 in 5 tenants are over 46



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Latest TDS rental data

The Tenancy Deposit Scheme has published rental data for August 2016. Taken from a sample of 31,609 records it shows the North East is the cheapest region, with London clearly the priciest.

The country's most expensive postcode was WC, at £2,272.53 pcm, the cheapest, Sunderland's at(SR) postcode at £462.22.

Steve Harriott, Chief Executive of the Tenancy Deposit Scheme comments:

“This data comes from landlords and agents registering new deposits on our database in August 2016 and advising us of the monthly rent that they charge. The figures show starkly the differential in regional rents across England and Wales”.

Saturday, September 17, 2016

Thursday, September 15, 2016

Interest rates unchanged

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Can not getting married save SDLT on second property?

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London 2nd most expensive city to rent

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CML lending data from July

The Council of Mortgage Lenders (CML) lending data for July 2016 is out.

CML Buy to Let Lending data for July 2016.

Gross buy-to-let lending, while lower than levels we saw last year, saw the highest monthly levels of activity by volume and by value since the stamp duty changes on second properties came in on April 

It is BTL remortgage lending that continues to be the majority of the market place, making up two-thirds of BTL gross lending.


Residential lending for July
  • Home-owners borrowing at £10.6bn, down 13% on June
  • Total number of loans at 58,100, down 14% on June
  • First-time buyers loaned £4.4bn, down 19% on June.

CML director, Paul Smee comments

"These figures cover the first full month of lending following the EU referendum. They show a month-on-month decline in first-time buyer and home mover activity and muted activity on the BTL market. It is hard to determine whether these figures reflect a first uncertain reaction to the referendum vote, or are a sign of a market which was already cooling. It will be quite some time before a full assessment can be made. We do believe that the Buy-to-let lending market is still readjusting after the large level of activity before the changes to stamp duty on second properties in April.

Remortgage lending on the other hand has continued to grow, and reacted with a 7-year monthly high. Borrowers seem keen to take advantage of the wide range of competitive deals in the market and, following the base rate cut in August, this is likely to continue."


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HMRC starts sending text threats

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Where is the property market heading?

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Rental yields still falling


The LSL Property Services BTL Index for July 2016 has been published.

The agency chain's data covering England and Wales shows  -
  • Annual rental growth of  5.2%, reversing recent trend. 
  • South East sees biggest annual rental growth, at 14.9 % over the year ( reflecting a London affordability exodus )
  • The highest rental yields were in the North East at 5.5%
  • The lowest rental yields are in London at 3.2%. 

Adrian Gill, Director of lettings agents Your Move comments:

“Rents increased by 5.2% in the last year, suggesting the recent slowdown in rent rises may have come to an end.”
“The UK’s vote to leave the European Union has not caused any immediate change in the rental market, although we must wait for longer term trends to develop.”

“For landlords, market sentiment remains positive with the vast majority still looking to add to their portfolio of properties, despite the Brexit vote.”
“The South East was home to the biggest leap in rents, with many Londoners moving further a eld in an attempt to escape high rents in the capital.” 


Rental Yields are still falling 

The LSL data shows average gross rental yield for properties in England and Wales are still falling,  down at 4.5% compared with 5.1% 12 months ago.

The best rental yields are to be found in the North East, now at 5.5% thanks to the regions cheap property prices.

The lowest yields are obviously in 'boom town' London, where the average rental yield now stands at just 3.2%, falling from 4.5% a year ago.

lsl property BTL index july 2016

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Wednesday, September 14, 2016

Who are Britain's landlords?

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Wembley 'rent to rent' landlord prosecuted

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Zone 5 prices best London performer

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An electrician to fix my heating?

landlords heating plumbers
Landlords heating
So I get a message from my tenant telling me that the central heating has packed in.  Should he call Scott the plumber to take a look?

On first analysis that would seem sensible.  Heating equates to plumbing and plumbers.  However, after further enquiries it turns out that it is not the heating but the electrical heating control panel that has kaputt and needs replacing.  So ironically, I don't need a plumber but an electrician.  What is better for me is that my electrician is very good and wont charge a call out fee.

One of the important aspect of being a landlord is problem solving and getting the right man or women for the job.

Plumbers - how much should you pay?

Tuesday, September 13, 2016

UK house price inflation falls to 8.3%

The ONS have released their official UK HPI for July.

The government's ONS data puts the average annual UK house price growth at 8.3%. This rate is down from the 9.7% seen a month earlier for June 2016.

The average UK house price is now £217,000, up by £17,000 over the course of 12 months, and £1,000 over the month.

England saw the strongest rise, with average annual price growth at 9.1%. The average property in England is now £233,000. 

In comparison, Wales grew by 4.0% and now stands at £145,000, Scotland grew by 3.4% to £144,000 and Northern Ireland's average stands at £123,000.

uk hpi ons data july 2016


regional hip england ons data july 2016

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UK regions see rent falls

Five UK regions see falls in rental values according to letting agency, Countrywide's Rental Index for August 2016.

Their data for August shows five out of nine areas saw a fall in rental values.

Central London, the South East, South West, Midlands, and Wales all fell.

Countrywide pointed to a sharp increase in rental supply.

Johnny Morris, research director at Countrywide comments:

“In London and the South East, recent increases in the number of homes available to rent, outpacing the growth in tenants looking for a home, has meant that bargaining power is shifting towards tenants from landlords. This is slowing rental growth,”

Thanks to relatively strong performance in other areas, across the UK as a whole rents rose slightly, up 1.5% to a monthly average of £960.

One perspective on the current housing market

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Housing market cools - official figures

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The Labour candidates housing policies

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House prices - is it just a wobble?

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Monday, September 12, 2016

Legal eagle berates 'rent to rent'

rent to rent
Rent to Rent like printing money?
We have spoke before about the idiocy of the practice known as 'rent to rent' . Proponents of 'rent to rent' somehow believe it offers endless possibilities for the entrepreneurial to exploit inefficiencies in the rental market, whilst conveniently ignoring the legalities of the whole process!

Property Hawk is not alone in dismissing the whole exercise as a illegal sham. 

One legal expert in this recent article refers to supporters as a confederancy of dunces. 

HERE HERE! This is a well versed argument in a lot more depth and legal detail than I could ever muster into why the whole process doesn't and shouldn't work.

For genuine investors who want to get into renting property,  you need to save up for a deposit and buy a property and then rent it out legally. 

That's how you make money, not using get rich quick schemes invented and promoted by Property Gurus and Svengalis.

Landlord insurance -  where do professional investors go?

Friday, September 09, 2016

Licensing consultation - Ham&Fulham

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Are tenancy renewal fees fair?



One thing that irks me more than anything as a landlord and also as a consumer is being charged something for nothing.

Do landlords need a new tenancy agreement every 6 months?

This analogy is most appropriate for landlords that let through a letting agent who having signed up the tenant on a 6 month tenancy then proceeds to get the tenant to sign a new tenancy agreement every 6 months and charges both the tenant and landlord for this pleasure.  WHY!  Well there are obviously times that a new contract makes sense.  If for instance the landlord wants to increase the rent every 6 months or there are changes in the occupation (for instance the tenancy becomes a joint tenancy) but for most parts a long standing tenancy just continues as a statutory periodic tenancy with rent being due from month to month.  Any minor changes such as an decrease or increase in rent can be accommodated as long as both the tenant and landlord agree by just altering the existing tenancy (get your tenant to sign the amended copy).

Are tenancy renewal fees fair or legal?

Well the answer to the 2nd part of the question is that they are legal if the agency agreement stipulates it.  So if you don't want to pay every 6 months make sure before signing up with the letting agent that they are aware of this and are happy to proceed on this basis.  Otherwise go elsewhere. 

Should a letting agent have a duty of care?

 Are tenancy renewal fees fair?  At the heart of this question is whether you believe a letting agent should be acting in the best interest of the client aka the landlord or whether they work on the basis of maximising their own profits exploiting their landlords as they would with any other customer.  Many naive first time landlords assume wrongly that they clearly act in the first way having a duty of care toward them.  Clearly renewal fees are warranted if a legitimate service is being provided with a well informed and educated letting agent acting in the best interest of their landlords.  In far too many situations this is not the case.

For more information on tenancy renewal fees

Landlord insurance - expert brokers - professional rates

Thursday, September 08, 2016

New BTL trackers offer flexibility

Some new 2 year tracker rates with a free valuation and no ERCs provide a flexible solution for landlords.There are free legals also for remortgages.

Accord has launched two new 2 year tracker rates for buy-to-let clinets with no Early Repayment Charges ( ERCs)  and a free valuation. The rental calculation is 125% at 5.50%.

At the end of the deal period, customers will revert to the lenders Standard Variable Rate less a discount of 1.75% ( currently 4.04%) until the 5th anniversary.

As no ERCs apply during this period, customers can at their leisure, sell their property, remortgage to another lender, switch to another Accord product or remain on the discounted rate. In the current uncertain market conditions, these products offer a high degree of flexibility for landlords.

Accord tracker product details
  • 2.69% 2 year tracker up to 65% LTV
  • 2.90% 2 year tracker up to 75% LTV
  • Reverts to SVR less a discount of 1.75%( currently 4.04%) until 5th anniversary
  • Rental calculation of 125%
  • Free standard valuation for purchases and remortgages
  • Free legal fees for remortgages only
  • No Early Repayment Charges
  • £130 booking fee
  • £300 completion fee
  • An application fee will normally apply
To discuss you mortgage requirements please contact the Support Team on:

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.

6 BTL properties for under £40k

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Landlord fires shotgun to frighten tenants


A Norfolk landlord, who fired his 12 bore shotgun into the air to scare his tenants from a mobile home he was renting to them has been handed an eight month prison sentence at Norwich Crown Court.

Landlord Marcus Strong, 64, shot his gun into the air as he walked towards the tenants before announcing they had five minutes to vacate the mobile home.

Mr Strong was described as having 'lost control'.

The tenants, an elderly couple, managed to ring for police before Strong grabbed the phone and broke it in half.

The mobile home was sited in the grounds of Mr Strong's home at Gunthorpe Lane, Briningham, Melton Constable.

Strong’s firearms licence has since been revoked .

Halifax HPI for August reflects slowdown

The Halifax House Price Index for August 2016 reflects the market slowdown.





Halifax housing economist, Martin Ellis says:

"House prices in the three months to August were 0.7% higher than in the previous quarter; down from 1.5% in July. The annual rate of growth fell from 8.4% in July to 6.9%.

House price growth continued the trend of the past few months in August with a further moderation in both the annual and quarterly rates of increase. There are also signs of a softening in sales activity.

The slowdown in the rate of house price growth is consistent with the forecast that we made at the end of 2015. Increasing difficulties in purchasing a home as house prices continued to increase more quickly than earnings were expected to constrain demand, curbing house price growth.”

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Falling prime London rents

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Surveyors feeling a bit more confident

Surveyors are feeling a bit more confident about the post-Brexit property market.

RICS UK Residential Market Survey  for August 2016 reports after an initial slump in market activity after the referendum bomb shell, surveyors are feeling more positive with their three and 12 month outlook.

12% of surveyors reported seeing price increases up from the low of just 5% in July. However this upswing in confidence does follow the five month run in falls, and is still way down on the high, recorded 18 months ago, when surveyor confidence hit 50%. 

 RICS chief economist,Simon Rubinsohn comments: 

“There are clear signs that the housing market is settling down after the initial surprise of the outcome to the EU referendum.”

August's sales volumes also showed signs of stabilising with the RICS agreed sales indicator improving to zero from -32%. 

RICS believe the key factor for future rising prices is the continued shortage of stock for sale, with surveyors reporting August seeing a further decline of supply.

Stock on estate agents books fell again, to close to the record low seen in December 2015.


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BofE could cut rates further this year

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