hi5lo5
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Posts posted by hi5lo5
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10 minutes ago, spyguy said:
It affects banks, with BTL lending, new or old.
LL and Ea are not relevant.
You are right, There is a significant risk to the BTL lenders supplemented by the end of 4 years interest free money tap from the TFS. If all BTL loans are forced into SVR, 75% of LLs will be bankrupt and banks will end the teaser rates for the debt junkies.
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Absolutely a great news for renters. Abolishing S21 will affect more EAs than LLs. S21 was a backdoor for the EAs to pass the tenant fee ban in the form of rent increases when an AST comes to an end.
It would be very interesting to see how the lenders price In this risk on the BTL lending.
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The details are still unknown the guardian claiming that govt is planning for a consultation. I rather hope the govt goes to proceed with a bill.
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Some cryptic messages on the rla news Twitter feed?
Are we expecting the end of section 21 tomorrow?
https://twitter.com/RLA_News/status/1117481548297777152?s=19
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So, this year's Spring bounce is
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@GettingBored @TheCountOfNowhere. I own the homebuyer extension. It's high time we merge our databases, I am not after making money. Have about 200 active installs with some area data dating back to Aug 2017.
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1 hour ago, SOLZHENITSYN said:
So, for all their bluster about putting rents up, it seems many are simply going to sell up. 380k of them in fact. At a conservative one property each that would equal around 4 months of supply coming to market (based on average monthly property transactions figures from HMRC). Only 7% of landlords say they will be selling to other landlords, which means prices achieved are likely to be constrained to what an owner-occupiers can borrow.
https://www.property118.com/380000-landlords-looking-let-go-property/
Glad to hear from horse's mouth. PRA underwriting for the LLs will put the BTL mugs on a level playing field with OO's . Most marginal buyers in the south who could afford would definitely swayed by the help to buy over the magnolia painted substandard BTL homes.
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Monday is the debate.
Please write to your MPs to turn up for the debate.
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3 hours ago, spyguy said:
Indeed.
Just pricing an Io btl mortgage corectly would finish them - commercial bridging loan. 3-4% month, compounding.
You dont need to ban what just needs correctly pricing.
+1.
To start with PRA ICR test needs to be done for all the BTL remortgages even if it is taken with the existing lender.
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4 hours ago, oatbake said:
It's worded thus:
My petition:
"Remove the tax relief enjoyed by landlords investing in Buy-to-Let property.
Currently landlords in the UK can claim tax relief on their interest payments. Ordinary homeowners are not able to do this. Tenants are not able to claim tax relief on their rent. This is grossly unfair and has distorted the housing market.
Although the tax relief for higher rate taxpayers is currently being phased out by the "Section 24" of the Finance Act 2015, landlords are still able to enjoy tax relief at the basic rate. This is still unfair and puts first time buyers at a disadvantage. I cannot get tax relief on the interest to borrow money and invest in the stock market, or to buy my first home. Why should buy to let property be any different?"
Also worth adding the point of mortgage releif is not available for the people who borrow money to invest in other asset classes thus the basic rate tax relief gives unfair advantage to the property investors.
This petition is going to make Toby Llyod's job to convince May to remove the relief easier.
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On 22/04/2018 at 9:16 AM, Mancunian284 said:
https://www.theguardian.com/money/2018/apr/21/mortgage-rate-highest-two-years?CMP=Share_iOSApp_Other
Hopefully. Another chip away at buyer sentiment. Seems to be an MSM campaign against it now though and the B of E are split on it.
A half baked piece, I love the way the higher rate is articulated to the anticipated rate increase. Of course it's nothing to do with stopping the free money tap(TFS)
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19 hours ago, TJHooker said:
The fact it is not directed at basic rate taxpayers suggests many of these daft muppets will be able to carry on regardless.
Nope.. those Muppets will see thier income going up and eventually lose any handouts from the state.
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12 hours ago, tomandlu said:
Very much spoken. All I'm really doing is liaising. They are very much friends, and my daughter is also following up some journalistic leads. Bad LLs really don't seem to appreciate how much shite is about to rain down upon them (which is really a reflection of bad legislation and political expediency, but you take what you can get).
It is worth getting in touch with your MP, if my memory serves right all MPs from Wandsworth area are women and one of them is Justine Greening once served as a Women and equalities minister.
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10 hours ago, Patient London FTB said:
Wonder if the spurt in OO remortgaging is somehow linked?
It is quite possible. Mad gains MEW on the main residence went on as deposit for a second home just before mad rush.
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9 hours ago, Patient London FTB said:
Latest numbers from UK Finance show a huge amount of remortgaging going on in January.
49,800 homeowner remortgages, which they say is a nine-year high, and about 25% above Jan 2017.
16,500 BTL remortgages, which is higher than the rush in Mar 2016 to beat the stamp duty deadline.
What's going on?
BTL remortgage is in line with the Mar 2016 rush. Most lenders will allow to secure a remortgage 90 days before the end of current fixed term.
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Heaton said that foreign investors who have bought new build property in London, Manchester and Birmingham were in many cases struggling to let them out for the rental yields they needed to achieve, and laid part of the blame on agents.
She said: “I am staggered by the fibs that are told to these foreign investors.”
Citing the example of a recent development in London, she said that the reputable firm of agents selling the units were quoting estimated gross rental returns of 4.3%.
In reality, investors would be “doing really well” to achieve 3.5% she said, and that rental estimates quoted by agents to foreign investors on new build properties were often “unattainable”.
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https://www.property118.com/nottingham-council-follow-letter-making-350-homeless/
Our own Mick Roberts going at it again.
Dear Rav & John,
Regarding your letter dated 2 March 2018.
You say you are not sure if I’m aware, but the Council undertook an extensive consultation. No I was not aware of the consultation nor were my many tenants and many landlord colleagues. I’m one of the biggest Housing Benefits landlords in the Nottingham and despite my many weekly conversations with your team, Selective Licensing was never mentioned. Why did you not contact HB tenants, probably the most important people that were and are going to be effected?
One of my colleagues turned up and Councillor Urquhart said she had to leave in 10mins-Was that wise?
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31 minutes ago, spyguy said:
Its a commercial operation. You go into with a commercial mindset.
Io btl were idiots buying retail rather than wholesale.
Io btl were idiots buying premium retail rather than wholesale
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https://www.property118.com/make-350-people-homeless-year/
I think he means Sajid Javid. Good luck
Sajid Khan wants more houses building, but his other policies are forcing thousands to be homeless with Nottingham City Council’s Selective Licensing.
My Letter to Sajid Khan,
Dear Sajid
I am having to make 350 people homeless this year because of your decision to allow this Selective Licensing.
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9 minutes ago, LetsBuild said:
-0.4% and they will blame it all on the snow that fell in the last 24 hours...
Very close -0.3%
https://www.nationwide.co.uk/-/media/MainSite/documents/about/house-price-index/2018/Feb_2018.pdf
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57 minutes ago, TonyJ said:
Could it be as soon as next month that they need to raise new capital to meet PRA requirements? If so, it has certainly been played down, with the main focus in the MSM being on how they do not need to repay the money for years, which may eventually lead to higher savings/mortgage rates.
For few lenders such as Aldermore, Metro bank it will be as early as next month. Some lenders drawn down TFS to pay back FLS. It's one of the complex schemes to determine the true cost of unwinding. Some economists predict the borrowing cost would increase by 0.60%. But it could raise as high as 1.5%.
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6 minutes ago, TonyJ said:
If they have emptied the pot, that money should last them through the next few years.
Nope.. the availability of draw down is determined by the lending performance supported by the submission of corresponding collateral to the BoE. So the banks has to find new capital to meet the PRA requirement.
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It's a great day to remember. TFS is the fulcrum of cheap lending. Most challenger banks are functional just because of this free money tap. The next step in the unwinding of QE is systematic pay back of drawn down capital. There will be increased cost to raise capital from a securitized product. Lenders will be forced to pass this cost to the borrowers and lots of debt junkies will be moaning about their mortgage brokers inability to find a below 3% fixed rate.
Reading
in England - South East
Posted
https://houseprices.io/?q=Rg6
In the last 6 months, the RG6 postcode (wider than your search area) there were less than 200 properties exchanged with just only under 10 paid over 600+.
Reading is good place live but the local pay didn't match the hype of M4 corridor. A large proportion of Reading population tends to work in London as IT contractors. The new IR35 changes for private sector coming in April 2020 will have serious effect on those living in Reading and working in London. Those who will be found inside IR35 will no longer be able to claim travel expenses pre tax. The real cost of travel will be shot up by 45%.
On the other hand the S24 is taking an effect in Reading, lots of 2/3 bed flat and house on the market with no onward chain. The price of these properties are way over and will never meet any lenders income criteria for the BTLers to touch. The will be more properties coming into the market when the new 300+ Build to rent project just next to the train station is completed.
In my view, Reading house prices will be determined by
S24
IR35
Delay of Xrail
Build to rent
Tenant fee ban, hoping the reality will kick in for the EAs to value the properties realistically