Swedish Prime Minister Magdalena Andersson holds an election rally at Celsiustorget at the Social Democrats campaign in Uppsala, Sweden September 7, 2022. Pontus Lundahl/TT News Agency/via REUTERS
STOCKHOLM, Sept 8 (Reuters) – The energy crisis, soaring inflation and war in Ukraine could help Social Democrat Prime Minister Magdalena Andersson to secure another term in office if Swedes decide to vote for a safe pair of hands in Sunday’s parliamentary election. The closely fought election comes at a time when clouds are gathering over Sweden’s economy. With energy costs rocketing as a result of Russia’s decision to squeeze gas supplies to Europe, growth is set to slow next year with recession a distinct possibility. read more Inflation is running at a pace unseen since the early 1990s and unemployment and interest rates are set to rise. House prices have already begun sliding. Register now for FREE unlimited access to Reuters.comThis ought to give the right-wing opposition a golden opportunity to return to power after eight years of Social Democrat-led governments. But experience dealing with crises could play into the hands of Andersson, 55, the finance minister from 2014 to 2021 who steered the economy successfully through the pandemic and spearheaded Sweden’s bid to join the NATO military alliance as prime minister. read more “She’s the party’s trump card,” Nicholas Aylott, associate professor of political science at Sodertorn University, said. “Swedish voters, like voters elsewhere, seem to be rallying around the flag … during moments of uncertainty and crisis and that is favouring the Social Democrats.” While polls show the left and right blocs running neck and neck, the Social Democrats are the biggest party and Andersson easily outscores Moderate leader Ulf Kristersson – who has the backing of other right-wing parties – in voters’ preferences. read more A poll by Sweden’s TV4 on Aug. 24, showed 39% of those questioned would choose Andersson as prime minister against 23% who preferred Kristersson, a former social security minister who has headed his party since 2017. REFERENDUM ON SWEDEN DEMOCRATSAndersson’s experience and popularity as the first woman premier in a country that prides itself on equality could tip the scales in favour of the left, but there is another factor that could sway voters: the possibility that, with a right-wing victory, the far-right Sweden Democrats could gain a role in government. Kristersson’s Moderates have ruled out a coalition with the Sweden Democrats, a party with roots in the white-supremacist fringe and whose mantra is that Sweden’s ills are due to decades of generous immigration policy. However, after suffering two election defeats in a row, the Moderates, the Christian Democrats and the Liberals have agreed to cooperate with the Sweden Democrats, who have said they will support Kristersson as prime minister in return for tougher immigration and law and order policies. Kristersson’s decision to court the far right has alienated his former allies in the Centre Party and many voters. “In a way, this is a referendum on the Sweden Democrats,” said Peter Esaiasson, professor of political science at Gothenburg University. “There is a choice you have to make in terms of what is the most important dimension in politics, is it left-right, or is it the moral dimension and concern about racism?” Opinion polls show the Moderates losing to the Sweden Democrats for the position of second biggest party after Andersson’s Social Democrats. While few believe Akesson could become prime minister after Sept. 11, the chance he could wield influence on policy-making if the centre-right wins a majority could still put off many undecided voters. If she wins, however, Andersson is unlikely to have an easy task forming a new administration – or staying in power. read more It took months to sort out a new government after the previous vote in 2018 and the loose centre-left confederation agrees on little other than a desire to exclude the Sweden Democrats from power. Both Stefan Lofven, the previous prime minister, and Andersson lost budget votes and were forced to resign – if only temporarily. The situation may be similar after Sunday’s vote. read more Whichever bloc wins faces a series of challenges – not least in bridging internal disagreements over policy. The welfare system has been stretched by the pandemic and the shift to a greener economy will require huge investment in new technology and skills, as well as more clean power and a transmission grid that can deliver it where it is needed. The war in Ukraine shows no sign of coming to an end and while Sweden’s application to join NATO has been ratified by more than 20 alliance members, Turkey could still throw a spanner in the works. read more “A strong government able to meet the societal challenges will be called for after the upcoming election,” Swedbank said in its most recent economic outlook. Few would bet on that. Register now for FREE unlimited access to Reuters.comReporting by Simon Johnson; additional reporting by Ilze Filks; Editing by Niklas Pollard and Raissa Kasolowsky Our Standards: The Thomson Reuters Trust Principles. from CMB https://commercial-mortgages-broker.co.uk/news/tested-pm-or-new-right-bloc-swedish-voters-undecided-as-hard-winter-looms/ from https://commercialmortgages2.tumblr.com/post/694835850037657600
0 Comments
The research shows that landlords estimate they will face an average of £10,400 per property with a rating of C or below, to ensure they are up to standard. 71% of landlords will pay for upgrades from existing savings, 25% will use Government funding, 23% will raise monthly rents and 11% will seek advice from their mortgage lender. Just 18% of landlords claimed they were unaware of the upcoming EPC changes. The majority, 62%, are aware and understand the changes fully. Understandably, this will deter landlords from buying properties with an EPC rating of D or below, with 65% saying they would be less likely to purchase such a property now.
Earlier this month, Aldermore launched a new residential range and cut rates across its existing products. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/aldermore-research-shows-majority-of-landlords-aware-of-epc-changes/ from https://commercialmortgages2.tumblr.com/post/674912048739713024
For HMOs and MUBs in the W1 Specialist product range, rates now start from 3.34%. The two-year fixed product has been reduced by 15 basis points, now starting from 3.49%. The Short-term let product, on a five-year fixed term, has been reduced by 0.15%, now starting from 3.94%. Amongst the new mortgages West One has added is a 75% LTV limited edition at 2.99% in the Standard W1 range, with a five-year fixed payrate. The green products in the Standard W1 range have been reduced by 15 basis points, and a new 75% LTV product added, with rates starting at 2.94%. The lender has also added two HMO/MUB products, both of which are limited edition. For properties up to six beds or units, there is a £750,000 maximum loan size, at 3.29%. For those with seven to ten beds, there is a maximum loan of £1.5m, at 3.74%. In addition, West One has made a series of criteria changes. For the Standard W1 range, the maximum loan size for core products has been increased from £1.5 million to £2 million on an individual asset. Portfolio lending has been raised from £5 million to £10 million per borrower. Also, leasehold block exposure has been increased to twenty units, with 100% exposure possible.
In November, West One announced changes to its BTL product suite, including lowered rates and criteria changes. In the green product range at 65% LTV, rates now start from 2.99% for a 2-year fix, with a 1.25% product fee. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/west-one-makes-changes-to-btl-suite-including-rate-reductions/ from https://commercialmortgages2.tumblr.com/post/674632667511275520 Roma Finance, Steve Smith, now sales director, joined as BDM in 2019. He was promoted to national sales manager in 2020 and then to head of sales last year. Michael Allison has also been promoted, to operations director. He joined Roma Finance in May 2021, as head of transformational change. The other internal promotion is for Matthew Severs, who is now finance director. Matthew joined the lender just over a year ago, as financial controller. He replaces Keith Richardson, who is the new chief financial officer.
Earlier this month, Roma Finance appointed a new bridging & development specialist, Samantha Williamson. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/roma-finance-strengthens-team-with-promotions/ from https://commercialmortgages2.tumblr.com/post/674534564136419328
The originations for the asset finance business rose by 136% last year, making it the fastest growing division in the bank, both in business volume and headcount. The bank will continue to build upon this success by expanding its team, making investments in technology and also developing new, innovative products. UTB also announced that it will transact more higher value loans, up to £2.5m.
Towards the end of 2021, UTB recruited Mark Stokes into the new role of chief commercial officer. Stokes has over 20 years’ experience at executive committee level – including work with Lloyds Bank, RBS, Black Horse and Chartered Trust – and joins UTB from his previous role as managing director at Metro Bank – commercial banking. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/united-trust-banks-asset-finance-division-achieves-a-record-high/ from https://commercialmortgages2.tumblr.com/post/674466586485194753
The new range of fee-free mortgages comes with free legals on remortgages. Rates start at 3.08% up to 75% LTV and from 3.28% at 80% LTV for the two-year fix. For the five year fix, rates start at 3.38% up to 75% LTV and from 3.58% up to 80% LTV. The lender has also reduced rates by 30 basis points on selected purchase and remortgage products which charge a £999 fee. At 75% LTV, the two-year fixed rate is now 2.78% and for the five-year fixed rate, at 2.98%. At 80% LTV, the two-year fixed rate has been reduced to 3.08% and for the five-year fixed rate, to 3.28%.
Aldermore recently appointed three new property development managers to its commercial real estate team, as part of its growth strategy; Pamela Mitchell, Jonathan Driver and Kirsty Dyke. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/aldermore-launches-residential-range-and-makes-rate-cuts/ from https://commercialmortgages2.tumblr.com/post/674364686345584640
Danielle Evans and David Weir join Hope Capital as part of a larger expansion plan which began last year. Danielle, who is CeMAP qualified, joins from Alternative Bridging Corporation, with over 14 years of industry experience. She has also held roles at Precise Mortgages and Avamore Capital. She will be overseeing Hope Capital’s cases across the Midlands and South Wales as an internal business development manager, ensuring support is given to brokers looking for bridging finance solutions. David joins from Deloittle and Barclays, with experience in direct relationship management, mortgages and investments. His new role is also internal business development manager, to give support for the volume of enquiries.
Hope Capital had a busy year for bridging finance in 2021. Writing in a blog, managing director Gary Bailey noted that amidst the uncertainty of the year, there had been steady growth in the demand for bridging loans enabling customers to undertake refurbishment works. from CMB https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-expands-sales-team/ from https://commercialmortgages2.tumblr.com/post/674270310348079104
These mortgages are designed for portfolio landlords, either individuals, limited companies or limited liability partnerships. Available at 70% and 75% LTV, these new products come with a free valuation and £750 cashback. There is no longer a £100,000 minimum loan rule and the products can be used for both purchase and remortgage. Rates start at 2.95% for properties that have an EPC of C or above, and at 3.05% for properties with an EPC rating of D or lower.
Paragon recently unveiled new pricing for its switch and further advance products, available for both portfolio and non-portfolio landlords. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/paragon-launches-new-btl-products/ from https://commercialmortgages2.tumblr.com/post/674002314424664064
This new funding line will enable Puma to expand its development lending proposition, with the ability to offer facilities of up to £50m, and work with a wider range of professional developers. In 2018, Puma secured its first institutional funding line with RoundShield Partners, for £200m. This will mark the first time that Waterfall Asset Management have partnered with a development finance specialist.
Last year, Puma Property Finance completed four development loans in just four weeks, with a total of £70m GDV of projects. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/puma-secures-second-institutional-funding-line/ from https://commercialmortgages2.tumblr.com/post/673915443295223808 Rightmove have released their latest findings on the UK property market, showing a 7.6% increase in the average property price on an annual basis in January. Since December last year, house prices have risen by 0.3%, now at an average of £341,019. The last time a growth rate of this magnitude was seen was May 2016. The data showed an escalation of 6.8% in house prices on an annual basis for first-time buyers, 1.4% monthly, which brings the average house price to £214,176 for those entering the property market for the first time. Illustrating the current gap between supply and demand, the figures also show an all-time low of just 12 houses for sale per estate agent branch, compared to a rise in buyer enquiries of 15% annually. Valuation requests in January had increased by 48% since January of 2020.
MT Finance recently appointed their first non-executive director, Chris Patrick, to assist with MT Finance’s growth plans, focusing on funding strategy, ESG initiatives and technology. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/rightmove-data-shows-jump-in-average-house-price/ from https://commercialmortgages2.tumblr.com/post/673817349972017152 |
ABOUT USHi I am Margaret Brian, I am a personal trainer at a local gym. I love to go hiking on weekdays. |