Landlords Beware. Better check those immigrants B4 letting

Landlords will have to start checking passports and visas of new tenants from Monday February 1 as "right to rent" legislation comes into force. Families taking in lodgers also have to make sure the person has the right to live in the UK. Fines of up to £3,000 apply where tenants are not entitled to live in Britain. The legislation, which came in under the http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/12124995/Buy-to-let-warning-Immigration-checks-apply-from-February-1.html Act 2014, is read more

Warning!!!! Stamp Duty increase on the agenda

The new higher rate of stamp duty for homeowners with more than one property is due to bite in April 2016. Questions have flooded into Telegraph Money’s mail bag about how the tax rise will work in practice ever since it was announced in the Autumn Statement. The rules on who will be affected have still not been finalized but the Treasury has published a consultation paper that sheds more light and calls for further suggestions for how the extra tax should apply. Here we provide answers to some of the common read more

A new cloud-based credit scoring service has launched in UK, aiming to improve loan quality and acceptance rates through the use of big data. Founded in Scandinavia three years ago, Big Data Scoring enables banks and financial institutions to determine the creditworthiness of individuals based on data available online. The firm says it aims to bring lending into the digital information age, allowing lenders to make informed and more responsible credit decisions, particularly concerning millennials and non-UK read more

http://mortgageinformationcentre.co.uk/2447-2/

Self Cert mortgage. So close yet so vary FAR

Self-certification mortgage lender selfcert.co.uk has ceased taking new applications until further notice. A message on the lenders website said that "this will be at least 3 months" as it works through a 'severe backlog' of people that have registered an interest in the read more

Carney Says “NO INCREASE IN THE BASE RATE”

Bank of England governor Mark Carney has said now is ‘not yet the time’ to increase interest rates, leaving the base rate at the historically low 0.5% for the foreseeable future. Last summer, Carney (pictured) said the decision to raise the Bank rate would ‘come into sharper turn at the end of this year’ but today said there was no current need to tighten monetary policy. In a speech at Queen Mary University in London, Carney said this was due to a collapse in oil prices, the instability of the Chinese market read more

Who’s afraid of the BIG BAD MORTGAGE WOLF

Interest rate rise on the cards! Terrible news for homeowners! A whole generation of mortgage borrowers who have never seen a rate rise are in for a shock. When they can't afford it, spending will be slashed. The slowdown will get worse. The economy will tank! That, at least, is the scary story. And here's why it seems like it may be true. The US central bank, the Federal Reserve, raised official interest rates from their post-crisis low last month, the first rise in nearly a decade. Historically, the UK read more

Stamp Duty on BTL OOOOOuch !!!!!

The Land and Buildings Transaction Tax (LBTT) is acting as the primary brake on the top end of the market, as the level of tax paid for sales between £500,000 and £1m is on average 76% higher than the equivalent level of Stamp Duty, according to property consultant Knight Frank. However, the amount of flats sold below £500,000 in the city centre leapt by 33% compared to 2014. The amount of sales in properties worth £1m and above in Scotland registered in the third quarter of the year saw a 43% drop compared to the read more

Business levels expected to increase come January

BUSINESS LEVEL SET TO INCEASE

A Mortgage Solutions poll revealed over a third of brokers were experiencing business as usual in the run up to Christmas, while almost a quarter said the pace of activity had quickened. Just 10% of respondents have experienced a slowdown in business for some time, while a further third have seen activity drop off only recently. Lea Karasavvas, managing director of Prolific Mortgage Finance, said the pending changes to Stamp Duty due to take place in April had forced people to commit to deals early and bring forward read more

Bank of England Says “People can afford a interest rate rise”

Bank of England

Britons are weighed down by more mortgage debt than last year, but rising wages and low inflation means they are better placed to cope with a hike in interest rates, a Bank of England study has found. The average mortgage debt of a British householder has risen to about £85,000, compared with £83,000 in 2014, after a year of rising house prices and buoyant demand from first-time buyers. The study found that higher debt levels weighed heavily on mortgage-payers alongside the impact of the government’s austerity read more

Quarter of mortgage borrowers can’t pay loan if BofE rates increase

Mortgage prisoner

Research from TSB showed, while it is unlikely that the increase will reach the 14.9% it saw in October 1989, even a small increase could affect borrowers’ abilities to keep up with repayments. TSB’s research found that many of the 2,000 mortgage holders surveyed had very little wiggle room in regards to their monthly budgets, and 26% of respondents said they would have real difficulty if their monthly mortgage repayment increased by £99. Tom Cleary, financial services manager, Start Mortgages, said: “I don’t read more