Good News And Opportunities For Buy-to-Let Landlords As Mortgage
Interest Rates Finally Start To Fall And EPC Changes Dropped
In this week’s Money Tips Podcast edition:
·
Fixed mortgage rates ease following Bank of England’s
rate hold.
·
Opportunities for landlords to increase rental
returns and/or reduce management time and costs through leasing, holiday lets
and rent-to-rent.
·
EPC Changes Dropped
The Bank of England held rate this month, as inflation starts
to ease, and the economy slows. Lenders have responded with lower fixed rates.
Watch full video here: https://youtu.be/Y5nEzLl9wmw
Banks are in the business of lending, which means they must
make mortgage deals more attractive for borrowers.
However, headline fixed rates are not always the best deal
when fees and charges are taken into account.
For instance, SBI are offering a market leading fixed
rate mortgage at 3.9%! Sounds great until you realise that the arrangement
fee is a whopping 5%! This would amount to £10,000 on a £200,000 loan.
You could be better off paying a higher rate with a lower
fee, which is why it pays to use an experience independent adviser. A good
independent mortgage broker can guide you through the minefield of mortgage
deals.
Higher interest rates have forced landlords to look for
better returns and yields on their properties.
The rent-to-rent and holiday let market has grown in the
last few years and there are many established and reputable companies offering
a variety of solutions for landlords seeking higher returns or less management.
Some offer guaranteed rents for periods ranging from 2 – 5 years,
while others will share profits with the landlord on holiday lets, which could
be higher but has no guarantee.
The property must be in a “habitable” condition, but in the
case of holiday lets must also be fully furnished to a high standard at the landlord’s
expense – this can involve spending up to £10,000 to get the property in
showroom condition.
There is a huge demand for properties for contractors,
homeless families and asylum seekers.
Do your own due diligence and stick to establish, reputable
companies with a good track record.
If you have a mortgage, check that your lender will
allow a company let or lease and obtain their permission to avoid being in breach
of your mortgage terms. This could result in your mortgage being
cancelled or “called in” = i.e., we want our money back in 30 days!
Your buildings insurer will also need to be informed,
otherwise you risk having any claims, for instance a fire, refused.
See also:
·
Transfer Property to A Limited Company Without
Paying CGT or Stamp Duty https://youtu.be/mtGq7WaVxLA
·
Housing Market in DEEP Trouble: https://youtu.be/USGREwntT1I
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#mortgage #fixedratemortgage #landlord #property #renttorent
#butoletlandlord #rentalproperty #asylum #EPC #Netzero
