The study proposed making buy-to-let landlords show that their existing income is sufficient to cover mortgage costs rather than stress testing based on rental income. It also said mortgage interest relief should be scrapped.
These tenants are said to be stuck in cold, damp properties, with landlords who are unwilling to carry out basic repairs and maintenance.
The report proposed that council tax be replaced by a ‘progressive property tax’ payable by the owners, not the tenants, while it recommended having a progressively higher rate of taxation for the top four property bands by value.
Specialist lender West One Loans has launched a range of first charge buy-to-let mortgage products. The range includes standard and specialist products that are initially available through partners including Enterprise Finance, Vantage Finance, Brightstar, Dynamo and Connect for Intermediaries – with wider distribution following in the ‘near future’. Danny Waters, chief executive of Enra Group, […]
The loan, completed in three days, was to finance the development of two luxury villas in Marbella and has an 18-month term with an interest rate of 0.80% per month.
The offering is available to clients who want to borrow at least £3m, initially to buy houses in the UK, but in future to buy in nine other countries including France, Italy and Spain.
The only areas that compare south of the border are the North East (5%) and the North West (4.8%).
Coventry has increased the number buy-to-let mortgages allowed with the society from three to five per household, while it has increased the aggregate loan limit on all rental properties mortgaged to them from £1m to £2m.
On the panel were David Whittaker, chief executive of Keystone Property Finance, Adrian Moloney, sales director at One Savings Bank and Steve Cox, distribution director at Fleet Mortgages.
Pannell noted that tax and regulatory changes, like the reduction in mortgage tax relief, have resulted in landlords maintaining or shrinking their investments rather than expanding their portfolios.