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 Avoid Committing Mortgage Fraud

Avoid Committing Mortgage Fraud

How To Guard Against Mortgage Fraud

Following fresh warnings from the National Fraud Authority about the rising level of mortgage fraud in the UK, lenders want more done to protect their interests.

Mortgage fraud was a widespread problem before the financial meltdown and collapse of the property market back in 2007/8 due to the availability of self- certification mortgages with buyers, brokers and mortgage advisers able to ‘self-declare’ earnings with little, if any, proof required by an industry too busy to carry out proper rules and checks on applicants.

Mortgage fraud costs the industry around £1 Billion (GBP) a year, leading the Financial Conduct Authority to want to instruct mortgage lenders to better acquaint themselves with the solicitors they work with.

The new stricter mortgage rules introduced in the Mortgage Market Review in April 2014 are intended to reduce the number of people who attempt to make false claims and self-certification mortgages are now a thing of the past.

However, this won’t stop mortgage fraud or prevent homeowners and property investors from being a victim of identity or registration fraud.

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Funding Boost For Government Build-To-Rent Plans

Funding Boost For Government Build-To-Rent Plans

Finance Secured To Build Thousands Of
Affordable Properties For Rental Purposes

Government housing minister Kris Hopkins has welcomed a deal that will release £500 Million (GBP) of additional funding to build new affordable residential properties in the UK.

The new investment finance has been secured through an agreement with the European Investment Bank (EIB), that will help deliver up to 4,300 new and affordable homes to rent in areas of the UK.

The funding is set to form part of the £3.5 Billion (GBP) Affordable Housing Guarantees programme, which enables housing associations to use Government guarantees to secure private investment at more competitive rates than they would otherwise be able to secure.

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2 Million Foreign Investors Own UK Properties

2 Million Foreign Investors Own UK Properties

Foreign Property Investors Think UK Property Is A Safe Investment

According to the accountancy group – UHY Hacker Young, the number of foreign property investors owning UK property has now exceeded 2 million.

The accountancy group analysed HMRC data and discovered that the number of overseas property investors owning and renting out property in the UK private rented sector increased by 6% in the past 12 months to 2.04 Million, up from 1.93 Million in 2012.

In the past five years the number of foreign property investors owning UK PRS property has risen by 39%.

However, the accountancy group says that the consistent growth in the number of foreign investors targeting UK property may come to a halt following the Government’s recently announced plans to charge Capital Gains Tax (CGT) on the sale of properties owned by foreign investors from April 2015. A move which could discourage foreign buyers from investing in UK property when the deadline comes in to force.

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Help-To-Buy Scheme not bad news for property investors

Help-To-Buy Scheme not bad news for property investors

Why The Help-To-Buy Scheme
Is Not Bad News For Property Investors!

The Help-To-Buy scheme may not be open to property investors for rental property purchases, but the scheme does have some good points.

From 7th October 2013, first-time buyers and existing property owners are now eligible to buy property with a 5% deposit as part of the new Mortgage Guarantee Help-To-Buy scheme.

The scheme was originally launched for new build properties at the start of 2013, with the resale portion set to launch in January 2014, however lenders can begin writing loans through the Help-To-Buy scheme from October 7th 2013, but they will not be able to purchase the Government guarantee that underpins these mortgage loans until January 2014.

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Property Prices Increase As New Houses Built

Property Prices Increase As New Houses Built

Property Prices Increase As New Houses Built

On Tuesday, it was revealed that the Royal Institute of Chartered Surveyors (RICS), said 21% of its members had reported an increased workload during the second quarter of the year.

The poll, the most upbeat since the start of 2007, indicated that the reported recovery of the UK property market was widespread, with surveyors in almost all of the UK’s regions and industry sub-sectors becoming busier.

The best-performing regions were London and the South West, often referred to as the driving force behind the UK property market, while the worst region was Northern Ireland, the only part of the UK where RICS surveyors continue to see their workload shrink.

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Royal Institute of Chartered Surveyors Slams Government

Royal Institute of Chartered Surveyors Slams Government

Government Not Doing Enough
To End Housing Shortage

A recent study by the Royal Institute of Chartered Surveyors (RICS) has shown that the Government still are not doing enough to alleviate the chronic shortage of residential housing in the UK.

The Royal Institute of Chartered Surveyors have again stated that successive governments have failed to produce a coherent long-term strategy for UK housing.

The RICS housing commission may concede that some of the coalition government’s policies are producing short-term help for the UK house building industry but they are prepared to argue that successive ministers’ lack of consistency in policy over the past 50 years has exacerbated the failures of the UK property market.

The Royal Institute of Chartered Surveyors think that current Government housing policies are merely clearing up the problems left by their Labour party predecessors, and current government ministers are struggling to find a viable alternative solution to the current housing shortage.

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Property industry reaction to 2013 budget

Property industry reaction to 2013 budget

George Osborne’s spring 2013 budget included new measures to help more people purchase their own homes and this news has been generally welcomed by property industry professionals.

The Chancellor of the Exchequer firmly believes that the measures announced in the spring budget will provide a major boost for the UK economy, despite calls for an economic U-turn from the Labour opposition.

Mr Osborne told the press that there were far more difficult decisions still to be made regarding the nation’s spending in order to get the overall deficit down, however, the government are taking measures to help people buy their own home.

The Chancellor announced that the FirstBuy scheme which was aimed at First-Time Buyers (FTB) on an income of up to £60,000 (GBP) per year, is being replaced with a ‘Help to Buy’ equity loan scheme available to all buyers looking to purchase a new build home up to a value of £600,000 (GBP), with a deposit of just 5%.

A new mortgage guarantee scheme was also announced during the spring budget, which extends the previous NewBuy Guarantee initiative to include older residential properties as well as new-build homes, which he hopes will result in a sharp rise in lending to potential homebuyers, thus kick starting an upturn in the UK property market. The new scheme will start in January 2014.

Buy to let mortgages are not going to be included under the new scheme, however it remains unclear if existing property owners will be able to purchase property without selling leaving them with an income producing property asset when they offer their old home for rental.

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UK property shortage becoming criticalWith an ever increasing population and open immigration policy, the UK currently needs around 3 times more houses than are currently being built, and the situation is set to get even worse when the EU restrictions on immigrants from Eastern Europe are lifted on 1st January 2014, according to a recent report by the Future Homes Commission (FHC), a body instigated by the Royal Institute of British Architects (RIBA).

The FHC have called for 300,000 extra residential properties to be built every year on brownfield land and sections of green belt land close to virtually every city, town and village in a much needed UK housing revolution.

There are currently a number of government backed schemes to try and kick start some life in the UK property market, including the Funding For Lending Scheme, New Buy and NewBuild incentives, all designed to encourage growth and movement in the market.

However, it will as always be down to the skills and expertise of entrepreneurial property developers negotiating skills enabling them to continue buying land at the right prices, or completing previously part built developments and most importantly selling the finished properties onto willing buyers including first time and next time buyers and even property investors at the right prices.

Having high street banks and mortgage lenders being encouraged to extend more lending to property purchasers including First Time Buyers (FTB’s) is vitally important and a must to assist buy to let investors to expand their property portfolios and allow them to fill the gap in the market created by the unprecedented tenant demand.

The massive demand for affordable residential rental property in almost every part of the UK and private sector rents are still increasing due to this demand, as landlords attempt to cash in.

Get your numbers right, and buy property now to enjoy some huge rental yields.

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What’s in store for the UK residential property market in 2013?

What's In Store For The UK Property Market In 2013?

What’s In Store For The UK Property Market In 2013?

Many of the predictions made by property analysts have so far been reasonably positive in that the state of the UK property market can’t really get much worse.

2012 was a rollercoaster kind of year with the Queen’s Diamond Jubilee and the Olympic and Paralympic Games having an effect on the market.

But overall UK residential property prices and property sales have been fairly stable, probably ending the year just higher than where they started, although by how much depends on whose figures you look at.

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Latest UK Residential Property News From The Royal Institute of Chartered Surveyors

Latest UK Residential Property News From The Royal Institute of Chartered Surveyors

Interest from potential buyers in UK residential property dropped off slightly during June 2012, with 10% more surveyors reporting a fall in new enquiries, according to the latest RICS survey.

This was also compounded by an insignificant proportion of new build residential homes hitting the market as new instructions dropped for a second successive month.

Overall activity in the UK residential property market has struggled to see any noticeable improvement since the end of the stamp duty holiday in March.

According to the latest Royal Institute of Chartered Surveyors (RICS) report, residential property supply and demand failed to turn a corner in June with newly agreed sales slowing for three consecutive months.

12% more chartered surveyors who responded to the survey across the UK reported falls rather than rises in newly agreed sales, while the average number of completed sales per surveyor over the previous three months fell fractionally to 15.5.

Residential property prices across the UK continued to fall last month, with 22% more surveyors reporting price falls rather than raises, the weakest reading since October 2011.

Regionally, London was once again the only part of the UK to report rising prices, although the pace of increase has slowed significantly since the start of the year.

Expectations for future residential property prices showed little change as a net balance of 19% more surveyors expect prices to continue to fall. However, there is optimism surrounding property transaction levels, with 11% of respondents predicting property sales to increase rather than decline.

Simon Rubinsohn, RICS Chief Economist said: “The housing market didn’t manage to turn a corner last month and activity remained in the doldrums. Fewer vendors looked to test the market and levels of buyer interest seem to have fallen back since the expiry of the stamp duty deadline earlier in the year. Although there is some positivity that the amount of sales going through is going to see an increase, it is unlikely that we will see any real movement until purchasing a property is more affordable and accessible for the likes of first time buyers.”

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