Roma Finance, Bringing a proven track record in bridging and development with her, Samantha will be working on enhancing the customer experience with Roma and giving support to investors in reaching their goals.
Towards the end of last year, Roma Finance made a number of promotions and new hires; Jack Ainsworth and James Edwards were promoted to senior underwriters, Farah Akhtar started on the underwriting team and Adam Gibb joined as BDM for the South West and South Wales. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/roma-finance-announces-new-bridging-development-specialist/ from https://commercialmortgages2.tumblr.com/post/673722942094540800
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Following these reductions, rates now start at 4.69% on two, three and five-year fixes. The maximum LTV has been raised to 75%. The lender has also expanded the number of asset classes it considers, and removed all ERCs. In addition, borrowers now only have to provide three months’ proof of rent.
Last October, Interbay relaunched its BTL range. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/interbay-enhances-range-with-rate-reductions/ from https://commercialmortgages2.tumblr.com/post/673639879946665984
The lender has offset its emissions, mainly from the HQ building and staff commutes, via the UK offsetting programme, Carbon Neutral Britain. This initiative funds renewable energy projects, such as the Angkor Bio Cogen project in Cambodia and Burgos Wind Project in the Phillipines. Landbay will have this carbon neutral business certification for a year, and will need to renew it annually.
Landbay recently revealed a BTL product refresh and made enhancements to its green range, which now includes new builds. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/landbay-now-an-official-carbon-neutral-business/ from https://commercialmortgages2.tumblr.com/post/673364308965670912
Millions of properties could potentially become ‘unrentable’ and therefore ‘unsellable’ or ‘unmortgageable’ due to the number of landlords being unaware of what will be required by 2025. In particular, older properties may need a substantial amount of work in order to gain an EPC rating of C or above, which may mean a loss of income whilst the work in carried out. 36% of landlords surveyed had pre-1940 properties, indicating a large number of landlords who will be required to make changes. In total, 25% of the landlords had little to no knowledge of these future regulation changes. Those who have been renting properties for more than a decade had the least knowledge about the upcoming changes.
At the close of last year, Emma Cox, Sales Director at Shawbrook Bank, noted the challenges faced by landlords with the new rules on EPCs. Emma pointed out the difficulties this will bring for those that own older rental properties, as improving their energy efficiency may take considerable work. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/shawbrook-data-shows-15-of-landlords-unaware-of-upcoming-epc-changes/ from https://commercialmortgages2.tumblr.com/post/673277539877355520
Sherice joins from MT Finance, where she was head of new business. In her new role, she will report to Louisa Sedgwick, the managing director of specialist mortgages. The initial focus of the role will be leading the new business team for specialist mortgages and enhancing the delivery of the service proposition, alongside the specialist mortgages leadership teams.
Hampshire Trust Bank recently promoted Louisa Segwick to managing director of specialist mortgages. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/hampshire-trust-bank-appoints-head-of-new-business-for-property-finance/ from https://commercialmortgages2.tumblr.com/post/673186929814175745
The two-year fixed rate at 65% LTV has been cut to 2.65%, and the five-year fixed rate at 75% LTV, with free valuation options, has been reduced to 3.04%. The lender is now including new builds in its green range, previously exclusively for existing properties. This range offers a rate reduction for properties that have an EPC rating of C or above. The range has been simplified, so all properties rated C and above now fall under one product. For this product, the rate has been reduced with the five-year fix at 70% LTV now at 2.94%. Rates have also been reduced for the small HMO and MUFB range, which includes new build properties. The 75% LTV products are now available from 3.34%.
In December, Paul Brett reflected on the UK BTL property market in 2021 and how demand has outstripped supply. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/landbay-simplifies-green-range-and-reduces-rates/ from https://commercialmortgages2.tumblr.com/post/673096314362429440
In the TermTen range, the five-year fixed rate at 75% LTV has been cut to 4.15%. The special rates in this range for the five-year fix of 3.95% up to 70% LTV and also 4.50% up to 75% LTV, with a two year ERC, are being maintained. The cashback offer that was introduced at the end of last year, up to £5,000 cashback plus VAT on valuation fees, has now been extended until the end of April this year. In addition, the lender has enhanced its valuation criteria. All property portfolios are now being assessed on open market value, freehold blocks of up to 20 units are assessed on aggregate market value and those with over 20 units are now assessed on investment block value.
In December, Castle Trust announced the new cashback offer, up to £5,000 cashback plus VAT on valuation fees, offered across the whole product range. from CMB https://commercial-mortgages-broker.co.uk/bridging-finance-news/castle-trust-makes-enhancements-to-product-range/ from https://commercialmortgages2.tumblr.com/post/673005747184009216
New hires will be made across the business as part of new product launch plans and in order to deliver key projects for the coming year. After its initial public offering made in July of 2021 on London’s AIM, the lender will also be making a substantial investment to enlarge its technology team.
Last month, LendInvest revealed plans for new product launches this year. The lender will have a drive towards energy efficiency, which will be reflected by the whole industry, including its EPiC catalogue, the product range for eco-friendly properties. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvest-plans-to-substantially-increase-team-in-2022/ from https://commercialmortgages2.tumblr.com/post/672737684010221568 Following a boom in the UK housing market last year after the stamp duty holiday, data from November showed a return to more ‘normal territory’. Mortgage approvals for residential property purchases showed stability when compared with October. The Bank of England’s Money and Credit statistics showed that in November, 66,964 mortgage approvals were issued. This was only slightly lower than in October, when 67,103 were issued. Meanwhile, 44,529 remortgage approvals were agreed in November, and 41,978 in October.
Mt Finance recently appointed their first non-executive director, Chris Patrick. In his new role, Chris will 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/bank-of-england-data-shows-stability-returning-to-uk-housing-market/ from https://commercialmortgages2.tumblr.com/post/672647120054042624
This news comes after the lender forecast a boom of remortgaging activity in the buy-to-let sector this year. The catalyst behind this is the new underwriting standards that were brought in by the PRA in 2017. The 70% LTV fixed rate switch products now start at 2.95%, at 75% LTV from 3.10%, and at 80% LTV from 3.85%. For further advance fixed rates, the 70% LTV product now starts at 3.40%, 75% LTV from 3.50% and at 80% LTV from 3.95%. The range is suitable for financing single self-contained properties, HMOs and also MUBs.
In November, Paragon reduced rates on selected 75% and 80% LTV five-year fixed rate buy-to-let products. The lender’s green mortgage five-year fixed rate, at 80% LTV, was reduced from 3.99% to 3.85%. from CMB https://commercial-mortgages-broker.co.uk/buy-to-let-news/paragon-reveals-switch-and-further-advance-range-repricing/ from https://commercialmortgages2.tumblr.com/post/672560304397402112 |
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