3mc launches Foundation buy-to-let exclusive

Thu 5 May 2016

Distributor 3mc is marketing a buy-to-let exclusive from Foundation Homeloans at 3.49% for a 2-year fix up to 65% loan-to-value for individuals and limited company applications. The deal will be available through 3mc’s network partner Home Loan Partnership, The Right Mortgage and Protection Network and Sesame and to directly authorised members of the PMS Mortgage Club. Doug […]

Buy-to-let crackdown branded “ridiculous”

Wed 4 May 2016

Multiple measures to curb buy-to-let have been branded “ridiculous” by a pressure group campaigning against the government’s decision to phase out tax relief for landlords. Steve Bolton, founder of Platinum Property Partners and a co-leader of a judicial review against the government to reverse the proposed changes to mortgage interest tax relief said: “It is […]

Precise parent rejects buyout bid

Wed 4 May 2016

The private equity firms hoping to buy Charter Court Bank at a knock-down price have been left disappointed after the bank’s investor, Elliott Associates rejected all bids this week. Charter Court, which owns Precise Mortgages and Exact, was on the market for £400m but it is believed that BC Partners, Varde Partners and Warburg Pincus […]

Challenger banks could raise buy-to-let prices

Wed 4 May 2016

Challenger banks could look to raise prices or tighten criteria on their buy-to-let products as they look to improve profitability following regulatory changes, a report into the challenger bank market by KPMG has warned. The buy-to-let market is a significant contributor towards the overall profitability of challenger banks accounting for approximately 15% of their balance […]

PRA buy-to-let stress tests could spark another rush

Fri 29 Apr 2016

The Prudential Regulation Authority’s buy-to-let measures could spark another rush of landlords looking to buy before it gets involved, Fleet Mortgages chief executive Bob Young has predicted. In March the PRA proposed stress testing buy-to-let loans over a period of five years or against a rate of at least 5.5% – and the measures could […]

AMI: FSCS U-turn won’t lower broker fees

Wed 27 Apr 2016

Mortgage brokers who advise on life assurance or protection have been warned the drop in FSCS fees for home finance providers won’t reduce the bill for them. Robert Sinclair, chief executive of the Association of Mortgage Intermediaries, said the reduction of Financial Services Compensation Scheme fees for the next year from £10m to £6m was effectively […]

FSCS fees rise less than expected

Tue 26 Apr 2016

The Financial Services Compensation Scheme has lowered the uplift in charges levied on home finance intermediaries this year. Rather than charge mortgage brokers £10m in the coming year, the FSCS has agreed to a £6m contribution, which is nevertheless a rise from last year’s fees of £5m. The body said its decision to cut the bill for […]

Investors targeting HMOs

Mon 25 Apr 2016

One in two property investors (53%) are looking to enter the HMO market, Shawbrook research indicates. Nearly three quarters (72%) brought up high yields as the main attraction for investing in HMOs followed by the potential for capital growth (29%). Karen Bennett, sales & marketing director of commercial mortgages at Shawbrook, said: “As far as […]

94% of FHL cases beat stamp duty deadline

Tue 19 Apr 2016

Foundation Home Loans completed 94% of cases received by the end of January before the 3% stamp duty surcharge came into force on 1 April. The Bracknell-based buy-to-let lender had asked brokers to submit fully packaged cases within January to have a chance of making the cut, although 36% of completions in March were on […]

Complete FS appoints Kensington to panel

Mon 18 Apr 2016

South Coast based packager Complete FS has appointed specialist lender Kensington to its lending panel. Complete FS will offer all of Kensington’s core range of residential and buy-to-let products, in addition to a 90% LTV residential semi-exclusive. Rates on this 90% product start at 4.89% for a 2-year fixed rate and 5.19% for a 3-year fixed rate. Kensington, […]