UK Bank Buying 50,000 Homes To Rent In Buy-to-Let Property Expansion

UK Bank Plans To Buy 50,000 Homes To Rent In UK Property Expansion

The Lloyds Banking Group is planning to become one of the UK's biggest domestic property landlords as it aims to buy 50,000 homes in the next decade, the BBC and FT reports.

Britain’s largest lender and banking giant will charge tenants rent as a private buy-to-let landlord under its recently launched Citra Living brand.

The Financial Times said the bank was aiming to buy 400 properties this year and 10,000 homes by the end of 2025.

Lloyds, which owns Halifax, Bank of Scotland and insurance company Scottish Widow provides nearly one in four mortgage home loans in the UK.

Citra Living is starting small and testing the rental market, with a focus on buying and renting new build housing properties. Their first buy-to-rent project is 45 new apartments at Fletton Quays in Peterborough.

The Financial Times said if Lloyd hit their 2025 target, it would make Citra bigger Grainger, the UK's current largest private residential landlord, which owns about 9,100 properties and has a market capitalisation of £2.1bn.

Based on current property prices and rental estimates, this would create a portfolio worth £4 billion, generating pre-tax profits of around £300 million.

Other Stories In Weekly Financial News Round Up

·        Hackers have stolen $100 million of Crypto as liquid wallets were “compromised” in Japan.

·        John Lewis will convert unused retail shop space into flats, as it moves away from retail dependency into areas such as banking.

·        Average houses prices falling after the rush to beat the Stamp Duty Holiday.

·        Properties prices in the North booming as investment pours into the regions.

·        Property market changing as more staff told to stay working at home.

·        Staffing crisis shortage in the UK with 1 million job vacancies.

Millionaires and millionaire habits have been studied and documented at academic levels for the last hundred years. Bestselling books, like The Science of Getting Rich and Thinks and Grow Rich, were written almost a century ago. I have also published my own book on how people get wealthy: Yes Money Can Buy You Happiness. You can find it on Amazon: https://www.amazon.co.uk/Yes-Money-Can-Buy-Happiness/dp/1095175858

We know exactly what the millionaire and billionaire habits and traits are, as success leaves tracks. All you have to do is follow their tracks to become wealthy and financially free!

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Joke of the day – A man goes to his bank for a loan….

Do Women Marry For Money? What’s Your Opinion?

Do women marry for money? Absolutely! 

Women say things like, “I’m looking for a man with a sense of humour who can make me laugh and go for walks in the park…” That’s a bunch of baloney! 

The majority of women really want someone who is a good provider who can give her and future children financial security.

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If you’ve ever watched a David Attenborough documentary, you’ll know that in the animal kingdom, the female of the species wants to mate with the leader of the pack, the strongest male to give them security and protect them make their offspring. It’s animal instinct. In the modern world, we forget how much our animal instincts still plays a part. 

In Asian cultures women absolutely marry for money and security. Even in the UK, many Indian family marriages are still arranged according to financial status, class, occupation and career prospects. In short, it is about money! 

Guess what. Arranged marriages are more likely to be successful than the western method of meeting someone in the club or at work. 

Am I saying that all women want from a man is his money? No, but money definitely plays a part and it’s also instinctive. 

Women are increasingly becoming more successful than men in the workplace and have their own money. However, why would a successful career woman want to marry and an uneducated man in a minimum wage job with zero career prospects? 

I’ve noticed that women quite frequently marry above their status or class, but men seldom do unless they become exceedingly rich! Even aristocrats marry beneath themselves for money to preserve the family home! 

There was a bright young girl who came from a successful middle-class family. Her parents built up a successful business and made enough money to send her to a top private ladies school. 

She had big dreams and told her friends that she to marry a prince, a substantial jump from middle class to the very top of upper-class - royalty. Not just any prince, but the future king of England Prince William. Her name was Catherine and in the UK she would be known as a “commoner” – not of royal blood. 

Despite her “humble” beginnings, Kate went to the same university as Prince William and the rest is history. 

Prince William’s mother, Princess Diana, apparently wanted to marry Prince Charles when she was a teenager. 

In the book, Secrets of the millionaire next door, the authors studied the effect of marriage on wealth and women who set out to marry a doctor. 

Their mothers groomed them from young and told them that “if you marry a doctor, you’ll never have to work another day in your life.” 

In other words, marrying a doctor means marrying into millions of dollars of future income, a nice house in a safe neighbourhood, membership of the country club, financial security for her and her children. 

One of the women in the study, told the authors that she even went to medical school for a couple of years specifically to meet a doctor and quit as soon as she hooked her prey. 

I like the fact that Americans and Asians talk more openly about money and are far more practical when it comes to financial issues when we are in the UK. 

This is important because one of the number one causes of divorce is money problems. 

Sorry to break it to you guys, but in most things, women are smarter than men! They can outthink and outsmart us!

Women also plan ahead. They are usually 10 pages ahead of us men. Yes, they are romantic but also keep an eye on the practical side. 

Women need security, just as they did when they married the strongest caveman to protect them from other men and invading tribes. Nowadays, the strongest man is the successful one bringing in the money! 

Security could mean the ability to buy a house in a safer neighbourhood to protect the family. 

So guys, man up if you want to attract the woman of your dreams. 

And girls, don’t marry just for money, but equally think about money when you’re making that all important decision, as you might come to regret it for the rest of your life. 

Remember this old saying: 

When money stops coming through the door, love goes out the window. 

If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value. 

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Fraud Alert! Warning Investment Scams Increasing, How To Protect Yourself

Action Fraud figures show that victims of investment fraud lost at least £657m in 2020, as scammers preyed on financial vulnerability caused by the coronavirus pandemic.   

There are different types of investment fraud, the most common involve shares, bonds, cryptocurrency and commodities such as wine, fine art and diamonds. Fraudsters contact you unexpectedly, promise generous returns and may say that the opportunity is time limited. They downplay the risks to your money. They call you repeatedly and keep you on the phone a long time in order to build your trust, stop you speaking to other people or having time to think about the offer.

The second stage of these frauds is known as a Recovery Fraud where victim details are passed onto other fraudsters who try to take yet more money.  They say that they have been appointed to help and ask for a refundable upfront fee. They often use the details of cloned companies ie genuine companies whose details have been hijacked, in order to reassure investors.  Reports of ‘clone firm’ investment scams increased by 29% in April 2020 compared to March, when the UK went into its first lockdown.

How to avoid investment scams

Reject cold calls. If you’re called about an investment opportunity, the safest thing to do is just hang up.

Check an investment opportunity using the Financial Conduct Authority (FCA) Warning List online tool.

Check that the investment company is on the FCA Financial Services Register.

Don’t feel pressurised or rushed into making a decision. Always seek advice before investing, ideally from an Independent Financial Adviser who is authorised by the FCA.

If you’re not sure whether a scheme or investment offer is a scam, contact the Citizens Advice consumer helpline on 0808 250 5050 for advice. Report a fraud to Action Fraud on 0300 123 2040.

A increase in cyber-fraud across the world means that we all need to learn how to spot and avoid different types of fraud and cybercrime.  

An emerging tactic used by fraudsters is the ‘spoofing’ (cloning) of telephone numbers. A decade ago, anyone receiving a suspicious call could look up the number that was calling them to check its legitimacy. No longer is this sufficient advice.

Fraudsters can now clone numbers used by legitimate organisations, your local bank, HMRC, or even local police station, to make it look like that organisation’s genuine number is calling you.  The fraudster claims to be from that organisation and tries to convince you to do what they say.  This means you cannot rely on your Caller ID display to tell you who is calling you.

Protect yourself:

Beware unexpected phone callers, whoever they claim to be. If in doubt, never divulge personal details over the phone to someone who has called you. The more you say to a fraudster the more information they have. Don’t be afraid to hang up. Contact friends or family for advice.

Don’t trust your caller ID display to verify a call, contact the genuine organisation using a number that you have independently researched. Before doing so, ensure the call has ended and the line has cleared, wait five mins (Some scammers can simulate the sounds of lines clearing to dupe you into dialling while the line is still live), or make the call via a separate phone line where possible.

Institutions such as HMRC, police and banks will never call you to tell you that you/your money is under investigation; nor would they ever ask you to transfer or hand over money/assets for such a purpose.

Report all scams online to www.actionfraud.police.uk or call 0300 123 2040 giving as much information as possible.

Financial education and literacy is not taught in schools, which is why most people are in the dark when it comes to personal finance and are forced to rely on financial advisers.

If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value. 

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These 3 Money Secrets Will Make You Wealthy Without Working Any Harder

These 3 Money Secrets Will Make You Wealthy Without Working Any Harder

Are You Fed Up Struggling With Money?

Firstly, I just want to thank you for taking the time to join me today. Money problems are one of the biggest causes of stress and relationships breakdowns. I can remember my parents having some almighty rows over money!

I’m Charles Kelly and for 25 years I worked as a Financial Adviser helping thousands of people solve their money problems. I was successful, but it wasn’t until I discovered the secrets to mastering money that my clients started achieving amazing results.

I’m also the author of three books including, “Yes, Money Can Buy You Happiness” and “Borrow and Grow Rich”.

I’m going to uncover 3 money secrets and a simple system for truly mastering money to help you start building real wealth and ultimately live the life you truly deserve.

Secret 1: Your Money Mindset has got you where you are today – not the economy, the government or your parents.

It’s far more about what’s in your head than in your pocket.

Most people have been programmed to think that “money is scarce” and hard to come by, that you have to “work hard for money” or you “need money to make money” – Not true!

Some of us are programmed from an early age by our parents. My dad would say things like “we can’t afford it”, “money doesn’t grow on trees” and “do you think I’m made of Money?”!

This language creates a ‘scarcity mentality’ which can stay with us for the rest of our lives unless we take action to change our mindset, our language and habits.

In my early life, I constantly struggled with money. I was making a good salary, but no matter how much I earned, I never seemed to have enough!  

I would fall behind on my bills and have creditors chasing me. Being broke is no way to live, which is why I wrote Yes, Money Can Buy You Happiness.

Then I discovered a mindset shift that turned my finances around. Once I learned this, I started accumulating money and have never been broke since. 

So, it’s not how much you earn, but how you manage it that counts.

Making a lot of money alone will not make you rich!

I’m sure we all know people who have made and lost fortunes, as I discuss in my book.

Secret 2: You can’t improve what you cannot measure. 

The next step is to take stock of where you are right now. Most people have no idea of how much they spend.

Think of yourself as a business, even if you are an employee.

Make a list of all your current commitments, income and regular and variable outgoings. Then list your assets and liabilities – your balance sheet – to calculate your ‘net worth’. You can do this on a spreadsheet or on a notepad. Then, repeat this every month and start balancing the figures monthly like any solvent business should do.

Secret 3: Focus on building your net worth.

The rich buy assets, which appreciate in value, and build their net worth over the long term.

The poor spend their money on liabilities, which go down in value, and rarely if ever build assets and net worth.

I haven’t got time in this short presentation to cover everything - which I go though in my book and SMART MONEY MANAGER courses in more detail.

But I hope these simple mindset shifts and steps alone will open your mind and set you on the road to prosperity.

If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value. 

I’m offering free strategy coaching calls to three people this week. If you’re interested, email charles@charleskelly.net

In this job you will never run out of work!

In these uncertain and rapidly changing times, it is important to choose an occupation which gives you some guarantee of a long-term future.

In the UK, the Home Office publishes an official list of ‘shortage occupations’, for which a qualified and experienced overseas migrant may qualify for a Skilled Worker visa.

The list includes jobs such as, Health Service and Residential Day Care or Domiciliary Managers, various scientists and engineers, web development professionals, nurses and senior care workers.

The official government list for working visa qualification, only covers a fraction of the huge labour shortages in the UK.

According to the report by Luminate, the following industries experienced a particularly large number of hard-to-fill vacancies at professional level:

·        architectural and engineering activities

·        computer programming and consultancy

·        education

·        employment and HR

·        financial services

·        human health activities

·        legal and accounting services

·        office administrative, support and business activities

·        public administration and defence

·        residential care activities

·        retail trade

·        social work.

However, both of these lists contain glaring omissions- green jobs. In order to meet climate change targets, industry will need hundreds of thousands of skilled workers to fill new ‘green’ jobs.

For instance, is estimated that 23 million gas boilers will need to be replaced in the UK, but there are not enough trained engineers to do the work. There is a shortage of 100,000 boiler engineers right now!

Boiler engineers will have jobs for life replacing old boilers with electric and hydrogen boilers and servicing the new boilers.

Millions of petrol and diesel cars will have to be replaced as governments around the world tax them out of existence. This will create a huge number of new skilled jobs.

China is investing massively in new technology and green energy, as is the UK. The US could be left behind in what’s being called China’s century.

The 20^th Century was America’s, after Great Britain’s empire started to unwind following the German led First and Second World Wars.

China is effectively colonising the world’s resources through trade rather than war.

If you exclude the disastrous Chairman Mao century, China was one of the leading economies in the world in 18 of the last 20 centuries?

The UK government recently announced a massive retraining programme to reskill millions of workers whose jobs have become redundant due to new technology.

The important word is “skilled”. Tens of millions of unskilled, as well as many skilled and technical jobs in accounting and law, will disappear in the next decade, so prepare yourself.

Self-driving vehicles, AI and robotic technology are already here!

Education is key to your future. Not just formal education, but also relevant vocational and on-the-job training in which you can ‘earn while you learn.

An increasing number of people prefer to quit the rat race and start their own businesses, which is great.

Caution. Don’t fire your boss until you can replace your salary with your new business and do not spend all your savings or borrow to set up an expensive physical business like a shop.

An ideal way to start is to set up a part-time online business, which you can run from home with little or no capital.

With this in mind, I’m offering 3 free coaching calls sessions to anyone who is prepared to take the time and effort to learn and master money and business. Check the link in the next 24 hours on my Charles Kelly Marketing Facebook page https://www.facebook.com/CharlesKellyMarketer.

UK Property Latest - Landlords Face A £30,000 Fine Or Prison Over EIRC Checks!

 

Landlords, Act Now Or Face A £30,000 Fine

Most property investors and landlords are proactive when it comes to ensuring the safety of their tenants and properties, which is also in their own interest.

Under the latest Regulations, landlords must have the electrical installations in their properties inspected and tested by a person who is qualified and competent at least every 5 years. Landlords also have to provide a copy of the electrical safety report (EICR) to their tenants, and to their local authority if requested.

The Regulations came into force on 1 June 2020 and apply from 1 April 2021 in England in cases where a private tenant has a right to occupy a property as their only or main residence and pays rent. This includes assured shorthold tenancies and licences to occupy.

Landlords who fail to comply could face fines of up to £30,000 or even criminal charges in the case of negligence.

This does not cover PAT testing, which is still required. In most cases, it is cheaper to throw away perfectly good electrical appliances (most of which ends up in landfill) than calling in PAT testers and waste a day filling in forms.

The changes to rules and regulations on gas, electrical work, building and a whole raft of red tape every few years are a bonanza for the sectors and create plenty of non-productive jobs. But the costs are ultimately passed on to landlords, tenants and taxpayers. Thousands of civil servants and various people in sector bodies and quangos are employed to constantly change rules and create more red tape to self-perpetuate their own jobs!

The same fate awaits perfectly good cars, which have the “wrong engine” this year! The will eventually be taxed out of existence ad end up on the scrapheap of throwaway society.

For full details and government guidance see

https://www.gov.uk/government/publications/electrical-safety-standards-in-the-private-rented-sector-guidance-for-landlords-tenants-and-local-authorities/guide-for-landlords-electrical-safety-standards-in-the-private-rented-sector

Other News

·        Plummeting central London rents hits landlords.

·        Renters move into the city to take advantage of falling rents.

·        Landlords face more arrears as unemployment soars.

·        500,000 renters likely to be pushed into arrears.

·        Pandemic disproportionately hits younger lower paid workers.

·        Self-employed grant recipients shunned by mortgage lenders.

·        Peer-to-peer websites to be closed by FCA following a series of collapsed firms

·        Beware of dodgy insulation which could render your home worthless

·        Pension scammers target 8 million people

Free Wealth Coaching Session for 3 people – limited offer

Boris has an unsatisfied CCJ at 10 Downing Street!

I was a financial adviser for 25 years, but became frustrated with the focus on only being regulated to offer products for the financial services industry. For instance, I could advise a client to invest in a Prudential Property Bond, but could not advise them to invest in a buy-to-let property themselves. I am no longer registered as an industry financial adviser, which means I cannot give specific advice on how to invest your money, but I can offer a wealth of guidance and tips on managing your money more effectively and building wealth over time. I am also the author of the book, , Yes, money can buy happiness, in which I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

With this in mind, I’m giving away 3 free coaching calls sessions to anyone who is prepared to take the time and effort to learn and master money. Check the link in the next 48 hours on my Charles Kelly Marketing Facebook page https://www.facebook.com/CharlesKellyMarketer

See also:

95% Mortgages are back in the UK

Property buyers overpaying to beat the Stamp Duty Holiday

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Mortgage lending at record levels

Mortgage lending up to record levels as property buyers scramble to beat June Stamp Duty deadline

 

Mortgage lending reached £11 billion in March – the highest since records began in 1993 - as a result of the mad rush to beat the stamp duty holiday, which ends in June.

 

The Bank of England reported that there were 80,000 mortgage approvals in March, up from 73,000 from the previous year, buy slightly down on February’s figure.

 

Although the property market has boomed in the last few months, there are signs that some areas are slowing down. I’m seeing a lot of London prices fall sharply, as Estate Agent send me emails every day offering price reductions of up to £50,000 or around 10% of the asking price.

 

We have almost reached the point where it would be extremely difficult to buy and complete with a mortgage purchase before the end of June if you have not started the legal process already.

 

Another word for mortgage is ‘debt’. We have seen debt spiralling all over the world as government’s borrow or print trillions of dollars to prevent the economy from going into recession.

 

Whilst people in work are paying down credit card debt, there are signs that thousands of people are getting deeper debt, according to UK debt advice charity Step Change.

 

Sometimes this can be as a result of a catastrophic change, like a job loss or divorce. In other cases, it’s purely down to mismanagement of money.

 

Debts can creep up on you like a disease and before you know it’s too late and you are in too deep.

 

If this happens to you, take professional advice and do not bury your head in the sand hoping it will all go away. It won’t! In the UK, you can talk to charities such as citizens advice and Step Change

 

Once you talk to recognise charity, interest and penalty charges on your debts, as well as legal action, can be frozen for 60 days. This gives you breathing space and a chance to put together an informal debt repayment plan.

 

I was clearing out some of my old files for shredding yesterday from my financial advisor business. I came across several clients who reminded me of the importance of saving and investing.

 

One particular client first sought my advice 20 years ago when she had been through a lot of financial problems. To cut a long story short, we put a plan together and I arranged a mortgage for her to buy a second property by re-mortgaging her residential home.

 

At the time, houses were cheap and you could buy a three-bedroom property just outside London for around £80,000.

 

She had absolutely no money and I remember listing her non-property assets on my fact-find form as “£200” in the bank, and that was it. However, she some equity in her property, a mortgage and some consumer debt.

 

She used that equity to fund a deposit for a second property and a couple of years later did the same thing again.

 

She continued repeating this process over the following 20 years.

 

As I said, she started with £200 in the bank. In fact, she had several other personal debts so was actually in the red.

 

When she unfortunately passed away last year in her late 50’s her estate was worth around £1 million.

 

Not bad for someone who started with £200 in the bank.

 

Almost all of her wealth was due to her buying properties and holding them. Don’t forget that she was holding his properties during the 2008 financial crash, but they bounced back.

 

She never bothered very much with Pensions or the stock market because she said she did not understand them and prefer to invest in something she did understand like property.

 

3 Key Takeaways

 

1.      She did start taking money seriously and stopped using expensive consumer credit to buy consumer products which went down in value. Instead, she borrowed cheaply to buy assets which went up in value and put money in her pocket.

 

2.      She built her wealth using other people’s money. Could she have saved £1 million in her lifetime from after-tax income? No way. In Robert Kiyosaki‘s classic bestselling book, Rich Dad Poor Dad, his rich dad asked Robert, “how long would it take to earn $1 million?”. He then asked “how long would it take to borrow a million dollars and invest it to make more money?”

 

3.      She bought and held for the long term, despite the 2008 downturn.

 

You can learn to do the same thing.

 

I’ve seen countless examples of people building wealth over time through investing wisely and patiently. Some in property, others in business or the stock market. The principles and skills are the same and are learnable by anyone who makes the effort.

 

I’m giving away 3 free coaching calls sessions to anyone who is prepared to take the time and effort to learn and master money. Look out for the link in the next 48 hours on my Charles Kelly Marketing Facebook page https://www.facebook.com/CharlesKellyMarketer