Self-certification mortgage lender selfcert.co.uk has responded to the FCA's self-cert mortgage warning, arguing that "there is no evidence Self Cert products caused any more harm than any other mortgage product available in the UK". It disputed the FCA's claim that all firms offering mortgages in the UK (including EEA firms) will have to comply with the Mortgage Credit Directive, which requires a thorough affordability assessment based on information that has been verified by the lender. selfcert.co.uk read more

http://mortgageinformationcentre.co.uk/2471-2/

Government screwing around with the housing market. AGAIN!

Changes to buy-to-let taxation brought about by the Chancellor's ambitions to create a 'nation of homeowners' could end up hitting prospective first-time buyers the hardest, Tony Ward writes. The proportion of landlords hoping to sell in the next 12 months has more than doubled since July from 7% to 19%, according to a recent survey published by the National Landlords Association (NLA). The research found that if landlords followed through on their intentions there would be a dramatic sell-off of 500,000 properties read more

SIZE of the prize

A lack of commercial gains to be made from supporting older borrowers is preventing the bigger lenders from innovating in the sector, the BSA’s Paul Broadhead says. Broadhead, who is head of mortgage policy at the Building Societies Assocation (BSA), said with lending to older borrowers still a niche product area, larger lenders would need to justify the extra investment in staff and processes required to service these customers. In November the BSA launched a 12 month review on older borrower restrictions which read more

More Drama With Tax and BTL’s

In a response to the Treasury’s consultation paper into the higher SDLT charges, the specialist lender said the changes risk affecting those who cannot afford to or choose not to buy a residential property. The lender argued that a smaller supply of properties in the private rented sector (PRS) would drive up rents and limit choice for tenants. “Whilst we agree that support for home-buyers is an important strand of housing policy, if the interests of home-buyers are prioritized above the interests of those in the read more

New BTL Tax could be illegal

A report by The Daily Telegraph states Blair and human rights lawyer Adam Smith-Anthony have sent HMRC a letter outlining the points of their legal challenge. Acting on behalf of private landlords Steve Bolton, founder of Platinum Property Partners, and Chris Cooper, Blair’s firm Omnia Strategy argued that individual landlords are being treated differently from their corporate counterparts. The Chancellor’s changes, announced during his Summer Budget, will see landlords taxed on their turnover rather profit. The read more