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At last good news, property repossessions remain low

The level of property repossession in Britain has held steady in the third quarter of 2011. 9200 properties were repossessed, compared to 9100 in Q2, according to the Council of Mortgage Lenders (CML). In total, over the course of 2011, 27500 properties have been repossessed and that's down on 2010. The CML predicts there will be fewer repossession in 2011 than last year. Considering the... Read more

Posted by Dan @ Upad on November 11th, 2011 in Buy-to-let, Mortgages, Rent Arrears

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Working holiday: things for Landlords to ponder by the pool

Here at Upad Towers we hope that every landlord manages to take a bit of time off this summer and enjoy a holiday. It might just be a weekend away, or you might be jetting off to lap up the sun in exotic climes. Whatever your pleasure, we hope you have (or have had) a lovely time.Taking time off is vital. Being a landlord can be a relentless pursuit, so taking some time to reflect, recharge the... Read more

Posted by Dan @ Upad on August 22nd, 2011 in Mortgages, Property Rental, Tips for New Landlords

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Interest rate rises “unlikely” in 2011

The July meeting of the Bank of England’s Monetary Policy Committee (MPC) voted 7-2 to maintain base interest rates at 0.5%. The MPC noted that the general weakness of the British economy and turbulence in the Eurozone made it unlikely that the rate would be increased in 2011. The committee noted: “Recent developments had reduced the likelihood that a tightening in policy would be... Read more

Posted by Dan @ Upad on July 22nd, 2011 in Mortgages, Property Market, Property Rental

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Crazy hill of San Francisco

Buy to Let key to mortgage lending rise

  In June, there was a significant rise in mortgage lending according to the Council of Mortgage Lenders (CML). Gross mortgage lending rose by 16% on May 2011 but was still 3% lower than June 2010. It’s expected that mortgage lending will grow modestly year on year in 2011. Pundits have noted that among the reasons for the increase are existing borrowers fixing deals in anticipation of... Read more

Posted by Dan @ Upad on July 21st, 2011 in Buy-to-let, Mortgages, Property Market

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Money

Interest rates remain unchanged

Interest rates remain unchanged, as the Bank of England’s Monetary Policy Committee has decided to proceed with the current rate of 0.5%. This may surprise some, considering the current rate of inflation, and means that the interest rate has not changed in 25 months. After 3 members of the committee voted for a rise in March, there was a sense that the Bank of England might raise interest... Read more

Posted by Simon @ Upad on April 12th, 2011 in Mortgages, Property Rental

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Would you know if your tenant was unemployed?

The news this week from the government regarding the number of jobless people and the leap in unemployment doesn’t make happy reading. The Prime Minister David Cameron has described the current situation as being of "huge concern". Roughly, 2.5 million people in the country are unemployed, including nearly 1 million young people (that’s roughly one in five). The situation obviously varies... Read more

Posted by Dan @ Upad on January 26th, 2011 in Buy-to-let, Landlord Legislation, Mortgages, Tips for New Landlords

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Can self-builders really solve Britain’s housing problems?

Housing Minister Grant Shapps has called on self-builders to make a housebuilding revolution their New Year's resolution in 2011. People building their own homes already account for 20% of new homes each year. Grant Shapps has said: “Building your own home should not be the preserve of a privileged few - I want to break down the barriers that many aspiring self-builders often come up... Read more

Posted by Dan @ Upad on January 6th, 2011 in Legal, Mortgages, Property Investment, Property Management

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42% of tenants expect rents to rise

Many tenants are expecting a rise in rent prices, according to a survey from Rightmove.co.uk. 42% of people living in rented accommodation expect hikes and 11% expect increases of 10% or more. Don’t forget, rents are already at an all time high according to research from LSL. Pundits put the rise in rent down to record demand from tenants. Many potential buyers are staying in the rental... Read more

Posted by Dan @ Upad on November 22nd, 2010 in Buy-to-let, Mortgages, Rightmove

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Platform bans switching to buy-to-let

Platform, the intermediary mortgage arm of the Co-Op Bank, announced last week that it is to ban customers with residential mortgages switching to buy-to-let. The company is the latest to try to restrict its exposure in the BTL market, as it also restricts the maximum number of BTL loans (including the one an applicant is currently asking for) to five with any lender. Platform has said that it... Read more

Posted by Sue @ Upad on November 9th, 2010 in Buy-to-let, Mortgages

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The Mortgage Works reduces rates, launches new products

After last week's news that Paragon is returning to BTL new business, there's some more good news for landlords in need of finance. TMV have announced a rate reduction of up to 0.3% on a number of products. They have a 2 year fixed rate up to 70% LTV at 4.79%, and a 3 year fixed up to 75% LTV at 5.49%. TMV also have a new range of tracker mortgages, including a 80% LTV 5 year fixed rate... Read more

Posted by Sue @ Upad on October 12th, 2010 in Mortgages

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Tenants protected from landlord repossessions

Tenants are now protected against sudden eviction if their landlord defaults on a mortgage on their home. Under the Mortgage Repossessions (Protection of Tenants etc) Act 2010, which came into force on 1st October, the courts have the power to delay repossession proceedings to allow tenants time to find a new home. Lenders must now inform tenants in writing that their home is to be... Read more

Posted by Sue @ Upad on October 6th, 2010 in Evicting Tenants, Landlord Legislation, Mortgages

To Let

How much is your finance costing you?

This post is brought to you by First Choice Finance Scotland. If you are a first time buyer needing a new mortgage, if you want to remortgage or if you would just like to know more about all the available mortgage and insurance options, check out their website. Over the last two years we have seen a drastic shift in the mortgage market. We have all come accustomed to using our existing... Read more

Posted by Sue @ Upad on July 29th, 2010 in Buy-to-let, Mortgages

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Coalition keeps protection against eviction for tenants

The Painsmith blog has news that the new government will be keeping protection for tenants when landlords fail to pay their mortgages. Before the Act, if the landlord had not obtained permission to let from their mortgage lender and then failed to keep up mortgage payments, the tenant had no protection from repossession: they could be thrown out of their homes with little or no notice.... Read more

Posted by Sue @ Upad on July 13th, 2010 in Buy-to-let, Mortgages, Property Management

Mortage lenders tighten up on ‘consent to let’

Mortgage lenders are tightening the rules for "accidental landlords" letting out homes they bought with residential mortgages, reports the Financial Times. Homeowners who want to let out residential property for a short time normally require "consent to let" from their lender. In the past, this has usually been a simple process, with a small admin fee payable; borrowers, so long as they were... Read more

Posted by Sue @ Upad on February 15th, 2010 in Landlord Legislation, Legal, Mortgages, Tips for New Landlords

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Tenants to be protected from landlord repossessions

The government has given its backing to a backbench bill aimed at protecting tenants from the consequences of their landlord having property repossessed. The Mortgage Repossessions (Protection of Tenants etc) Bill, tabled by backbench MP Dr Brian Iddon, will allow judges to delay repossession of a property by up to two months, giving tenants the time they need to find a new home. The Bill... Read more

Posted by Sue @ Upad on February 3rd, 2010 in Landlord Legislation, Legal, Mortgages, Property Rental

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