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

To Track or Not to Track? That is the Question!!!

In late 2015, it looked to be wise to lock yourself into a fixed rate mortgage, with the looming prospect of a Bank Rate rise. But gloomy economic data from around the world has quashed the prospects of rising rates. In fact, market indicators suggest that Bank Rate will remain at 0.5pc until early 2017. • Latest interest rate predictions and what they mean • Best fixed-rate mortgages: two, three, five and 10 years • Calculator: the impact of rate rises on your mortgage For mortgage borrowers the read more

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