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Bank Of England Governor Hints At Earlier Base Rate Hike

Bank Of England Governor Hints At Earlier Base Rate Hike

Is Mark Carney Eager To Raise Interest Rates?

The Governor of the Bank of England (BoE), Mark Carney, has drawn further criticism from economists after giving another mixed signal on the timing of any base rate increase away from the current historic low.

In an interview with the Sunday Times newspaper Mr Carney took great care to big up the health of the nation’s economy and insisted that the Bank of England would not wait for employed peoples wages to catch-up with the cost of living before hiking interest rates.

Mr Carney told the Sunday Times: “Wherever the finish line was in the depths of the crisis, we are much more than halfway towards that finish line now. The expansion is proceeding, momentum is more assured. The very fact we have had consistent quarters of growth in line with, or slightly better than, our forecasts shows that. We have to have the confidence that prospective real wages are going to be growing sustainably, before raising interest rates, we don’t have to wait for the fact of that turn to raise them.”

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Fresh Warnings Over Rent-To-Rent

Fresh Warnings Over Rent-To-Rent

Rent-To-Rent Contracts May
Breach Mortgage Agreements

National newspapers are claiming that the Rent-To-Rent strategy for maximising profits from rental properties is immoral and illegal

Private rental sector landlords who utilise a rent-to-rent strategy, by which a property investor agrees to rent a property from the owner with the intention of sub-letting it to tenants for a profit, are being urged to check with their mortgage lenders that the practice will be allowed.

The warning was printed in The Sunday Times and follows last week’s news published by The Guardian newspaper and landlord news portal LandlordToday.co.uk, on the rent-to-rent phenomenon, which drew a mixed reaction.

Some lenders will not allow sub-letting, including The Mortgage Works (TMW), although BM Solutions does permit sub-letting.

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Rental income down valuations affecting

buy-to-let mortgage applications

Buy-To-Let Mortgages Refused As Surveyors Down Value Rental Income

Buy-To-Let Mortgages Refused As Surveyors Down Value Rental Income

Approvals for buy-to-let mortgages are failing because surveyors are ‘down valuing’ the expected rental income from the private rented sector and are advising mortgage lenders accordingly.

In some cases, surveyors are even down valuing the value of rent already being received by landlords.

The claims were made last weekend in a Sunday Times feature, which says that some buy to let mortgage lenders are rejecting landlords’ rental estimates.

Most buy to let mortgage lenders want to see monthly mortgage repayments covered by rent with a 25% excess, to cover expenditure and void periods. Some lenders want to see 130% of rental cover, while others are happy with 100%.

Down valuation of the potential rental income could result in the refusal of the buy to let mortgage application, or lenders may limit the amount they will offer, often below the borrower’s expectations.

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Award Winning Property Management

Award Winning Property Management

Castledene Property Management was awarded as Silver in the Northern Medium Letting Agent category at The Lettings Agency of the Year Awards 2012 in association with The Sunday Times and The Times and sponsored by Zoopla.co.uk.

On Friday 25th May, over 450 leading lettings agents from throughout the UK attended a glittering ceremony at The Lancaster London Hotel opposite Hyde Park where the winners of only dedicated awards for the lettings agency industry were revealed. The winners received their awards from former Olympic Champion, Sir Matthew Pinsent who wowed the audience with some incredible stories of his achievements.

The awards ceremony was the culminating event of a rigorous and thorough judging process carried out over a four-month period by a panel of industry experts who assessed initial entry submissions before conducting an extensive review of the entrants, which included hundreds of telephone interviews and mystery shopping exercises. The whole of the judging process was overseen by The Property Ombudsman; Christopher Hamer.

Now in its third year as a dedicated competition, these awards have become widely recognised as the most sought-after and difficult to win. With more entrants than ever before, over 5,000 offices were represented this year, but only the very best of the best were crowned as winners.

Castledene Property Management winners of the Silver in the Northern medium letting agent category were delighted to receive the award.  John Paul, Managing Director commented “We are delighted to be recognised at such a prestigious event. All the hard work and dedication by the staff has paid off and it shows that with the right focus and determination you can prosper despite all the doom and gloom in the media”

A website listing all the winning companies with comments from the judges as to why they won can be found at www.lettingsagencyoftheyear.com

Peter Knight, Chairman of the event organisers Estate Agency Events commented; “Landlords and tenants can be confident that the agents displaying this awards medal represent the very best of the best. Whilst there has been much talk of the need to establish minimum standards for lettings agents, I am delighted that these awards can shine a light on those firms that are exceeding standards at every level within an increasingly competitive industry.”

The main awards were sponsored by Zoopla.co.uk, whilst the specialist categories were sponsored by some of the industry’s leading suppliers including Audio Agent, ARPM, BriefYourMarket.com, Endsleigh Insurance, Imfuna, LetMC, MidWest Displays, Moneypenny, Ravensworth, Reapit Spark Energy and The Property Academy. 

For further information, please contact Johnpaul@thecastledenegroup.com

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