While buy-to-let lending is still considerably less forthcoming (to say the least) since it reached its peak three years ago, there seems to be a little movement in this sector as reported by Mark Sorby of J. Montagu Financial Solutions.<\/p>\n
1. \u00a0Nottingham Building Society have just entered the BTL market, which is a welcome increase in the options available to BTL Landlords. \u00a0They have a range of 75% LTV products, fixed rates from 5.19% and Trackers from 4.59%. \u00a0In addition, their fees are relatively low (average \u00a3395 upfront and \u00a3600 added), with some free valuations and lower early redemption penalties.<\/p>\n
2. \u00a0Select Partnership (a J. Montague packager) are now able to source mortgages with some adverse credit. \u00a0They will ignore Defaults over 24 months old and add up to 2 Default less than \u00a3100 each no matter when registered, CCJs over 24 months old, paid off more than 12 months ago or 1 under \u00a3250, again regardless of when registered.<\/p>\n
3. \u00a0Kensington are also back in the market as from last week, initially just on residential mortgages but hopefully extending to BTL before too long. \u00a0 In the past, they’ve done a lot of adverse, BTL, specialist mortgages etc, so hopefully another lender coming in is another indication of a better year from the lending sector.<\/p>\n
4. \u00a0Landlords may want to try out a new site, called Zoopla.co.uk, which as well as being a property search site, gives people the availability of checking the value of their property in the UK. \u00a0Some are instant, some need further input from the enquirer, but it’s a useful tool for landlords and prospective mortgage applicants.<\/p>\n
5. \u00a0Finally, there seems to be an increase in the number of lenders potentially prepared to accept a reduced settlement on their existing BTL mortgages, often considerably less than the amount outstanding. \u00a0J. Montagu FS have seen 20% reductions lately and have reported having experience of higher discounts, so it’s worth knowing for those landlords wanting to sell but concerned that they may not cover the outstanding mortgage.<\/p>\n
For further information you can contact Mark Sorby direct at mark.sorby@jmontagufs.com<\/p>\n
By
\nMadalena Penny<\/p>\n","protected":false},"excerpt":{"rendered":"
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