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Rob Moore

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From Your Property Investments!

A couple of weeks ago, Rob Moore from Progressive Property surveyed a segment of their 126,000 property investment subscribers including the newest people to join their email list. Progressive asked property investors what were their biggest roadblocks to getting those first few CASHFLOWING buy-to-let properties into their portfolio.Property investors, just like you, say they’re struggling with:

  • Lack Of Finance
  • Sourcing Below Market Value Deals
  • Buying 5 Investment Properties In A Year
7 Property Investment Top Tips and The “No-Money-Left-In” Secret!

7 Property Investment Top Tips and The “No-Money-Left-In” Secret!

And those property investors who answered the progressive survey wanted more practical and useful resources and additional online training to help them smash through the negative roadblocks that were holding them back.

So with that in mind Progressive have launched the  The Buy Refurbish Remortgage BlueprintThe “No-Money-Left-In” Secret [PDF] and it is available for a limited time so grab your copy now! 

Below is a copy of the responses that the survey generated:

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Mortgage Loan Approvals Increase

Mortgage Loan Approvals Increase

More “Help To Buy” Mortgage Lenders Announced

The number of mortgages given to first-time buyers increased by a third in the 12 months to August 2013 according to the latest data from the Council of Mortgage Lenders (CML), with new entrants to the property market accounting for 44% of all residential property purchases during the month.

The CML figures were published as Barclays became the latest high street lender to confirm it was signing up to the second part of the government’s Help to Buy scheme, which is designed to make more 95% mortgages available to first-time buyers, second steppers and home movers.

Barclays join Santander, RBS, Halifax and HSBC in confirming it will use the taxpayer-backed guarantee to make high Loan-To-Value (LTV) mortgages available for property purchasers, meaning that more than half of UK mainstream mortgage lenders are now signed up to provide more mortgages at higher loan to value ratios.

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UK Property Prices Increase Again

UK Property Prices Increase Again

UK Residential Property Prices
Return To Good Health

UK residential property prices increased again in June 2013, marking the return to good health of the property market.

Property price rises are at their fastest rate in over two-and-a-half years as mortgages became more available and less expensive, adding to fears of another property market bubble as overall housing supply remains low.

The latest monthly residential property price index from UK mortgage lender, Nationwide, shows that UK property prices were up 0.3% in June 2013, while the annual increase of 1.9% was the sharpest residential property price increase since September 2010, but those gains were below the 0.4% monthly rise and 2.1% year-on-year price increases forecast by many economists.

In May 2013, residential property prices rose an unrevised 0.4% on the month and 1.1% on the year overall, signalling the recovery of the UK property market.

The number of mortgages approved by UK banks also increased by a quarter in the twelve months to May 2013. However, over the same period, the value of outstanding mortgage loans secured on property dropped by 0.2%.

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Post Office Offering Lowest Ever Fixed Rate Mortgage Deal

Post Office Offering Lowest Ever Fixed Rate Mortgage Deal

Post Office Top Mortgage Charts

The Post Office has cut the rates on a variety of its mortgage products and are now offering their lowest ever fixed rate mortgage deals, taking some of their mortgage products to the top of the best-buy mortgages tables.

The Post Office says it will now be offering their best ever mortgage range, slashing rates among its mortgage products.

Three of its fixed rate mortgage products are now the best mortgage deals available in the UK mortgage market.

Topping the list are the 2 year fixed rate mortgage deals that have no arrangement fee.

The market-leading products are:

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Landlords Urged Not To Discriminate Against Benefit Tenants

According to fresh research from the National Housing Federation, (NHF) there has been a 417,830 rise in the number of social (council) housing tenants over the past three years.

It has coincided with a significant decline in the number of landlords willing to let properties to tenants receiving housing benefit following the Government’s welfare reform and cuts to Local Housing Allowances (LHA), paid to tenants in private rented sector (PRS) accommodation.

Both the Residential Landlords Association (RLA) and the National Landlords Association (NLA) have already reported that many landlords have already withdrawn from the LHA market or are planning to do so.

This is a short sighted knee-jerk reaction as landlords fear losing out on healthy rental returns if they are housing tenants claiming housing benefit.

The LHA rate may have been capped but the government insist that such measures are necessary to help preserve the economy of the UK. Landlords can ask tenant’s to pay top up’s on their monthly rental which could come from the (up to) £25,000 worth of other benefits claimed by families.

It is almost as though the current Con-Dem coalition Government want to put private rented sector landlords out of business by squeezing from both ends, the difficulty in obtaining mortgages or even being able to re-mortgage and limiting the pool of potential tenants to only those who are employed earning enough to be able to afford to buy property themselves.

Is it the government’s big idea to get all benefit tenants to only live in social housing?

If that’s so then why continue to sell off social housing stock when there is already a national housing shortage?

Are all departments within government mute, or just stupid, do they not share information with each other?

Private sector landlords are in danger of being put out of business by the Government, we need to do something about it!

 

Sign the e-Petition Now!

The UK mortgage market is warning potential borrowers that there has been a sudden surge in the number of mortgage providers lowering how much they will lend for an interest-only mortgage deal.

Nationwide, Santander, and Coventry Building Society are among the mainstream mortgage lenders that have reduced their Loan-To-Value (LTV) ratios on their interest-only mortgages to just 50%.

The announcement comes as little surprise to seasoned property professional who have seen the pattern repeatedly. The reduced LTV values will immediately affect new borrowers, however, changes will come into effect if homeowners need to borrow additional money against the value of their property to fund home improvements, as they will be treated as new loans and the amount will be limited to approximately 50% of the property value

Moneyfacts spokesperson, Sylvia Waycot, said “The development applies to new borrowers only, so anyone with existing interest-only deals at higher LTVs need not worry. However, the end result is that many people who chose an interest-only mortgage because it was cheap, are at their maximum monthly outgoings and will find themselves unable to move should they need to, or borrow for improvements – which means they are in fact under a form of house arrest.”

Banks and building societies have made widespread changes to their UK mortgage rates in recent weeks, with a growing number of lenders raising rates on tracker loans as the escalating Eurozone debt crisis drives up the cost of funding these mortgages.

This week, Nationwide Building Society and Halifax – part of Lloyds Banking Group – became the latest high-street lenders to increase their tracker rates.

Halifax has upped the rates for tracker mortgages by as much as 0.30 percentage points, raising its two-year tracker from 3.04% to 3.34%.

It is available for loans up to 75% of a property’s value, with no fee.

Woolwich, Santander, Northern Rock, Accord & Barclays Wealth are among the other lenders to have raised their rates over the past month.

Not all mortgage rates are heading upwards.

At the same time as increasing several tracker rates, Nationwide Building Society cut the cost of some fixed-rate products – including its five-year fix, which was reduced from 3.69% to 3.59%.

Other mortgage lenders have eased their criteria and launched attractive products. On Wednesday, Barclays re-entered the 90% loan-to-value market, after it stopped offering these loans three years ago.

Coventry Building Society also launched a new range of fixed and capped rate products that come with no early redemption charges this week.

These are the current ‘best-buy’ mortgages deals available now.

Remortgages

While tracker rates have been going up, mortgage brokers say there are still a number of competitive deals available. Santander has a two-year tracker at 1.95% – Bank of England (BoE) base rate plus 1.45% – available up to 60% loan-to-value with a £1,995 fee. It comes with a free valuation and free legal work.

For those who want a longer-term tracker,

HSBC’s lifetime tracker at 2.49% – BoE base rate plus 1.99% – is a fabulous deal. It comes with no fees and no early repayment charges, which means borrowers can remortgage to a fixed-rate deal at any point during the mortgage term.

Fixed-rate deals remain cheap and have not seen any major rate movements. Leeds Building Society is still offering its 2year fix at 1.99%, available up to 75% loan-to-value (LTV), with a £1,999 fee.

Chelsea Building Society’s five-year fix at 3.29%, available up to 70% loan-to-value (LTV) with a £1,495 fee, is the market leading longer term fix.

First-time buyers: 90% deals

Barclays’ move to increase its maximum loan-to-value from 85 per cent to 90 per cent has provided first-time buyers with more options. According to Moneyfacts, the financial data provider, there are now 253 mortgages requiring only a 10% deposit, compared with 206 in October 2010 and just 101 in October 2009.

It is offering a three-year fix at 4.99% with no fee or a five-year deal at 5.49%, with a £499 fee. Its maximum loan size is £500,000.

Cambridge Building Society and Melton Mowbray Building Society are also offering five-year deals at 5.39%.

Large loans

Competition has increased in the large-loan market recently, with more high-street lenders offering these type of mortgages.

RBS Private Banking has a two-year tracker at 2.19% – BoE base rate plus 1.69% – available up to 50%loan-to-value, with a £999 fee.

NatWest has a two-year fixed-rate at 2.65%, available up to 60% loan-to-value, with a £999 fee.

Most wealthy borrowers will typically be better off opting for Barclays Wealth’s two-year tracker at 2.49%.”

Self-employed

Skipton Building Society has some of the most competitive deals for self-employed borrowers as it will consider retained profits in a limited company. It offers a two-year tracker at 1.98% – BoE base rate plus 1.48 percentage points – available up to 60% loan-to-value, with a £1,995 fee. It also has a two-year fix at 2.48%.

Read the Full FTSE article here

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