Banks force accidental landlords to evict tenants
Temporary consent to let permits are expiring and leaseholders cannot remortgage
Accidental landlords who own homes with cladding are being forced to evict their tenants and move into their flats, as their “consent to let” permits expire.
Lenders typically allow for properties to be let without a buy-to-let mortgage for 12 months or to the end of the term. Now, many of these are coming to an end and lenders have told leaseholders they must either move in themselves, or switch to a buy-to-let mortgage. But this is impossible without an external wall safety (EWS1) form, which banks need to lend on a property with cladding.
The two year fixed deal from The Mortgage Works offers a rate of 1.19% (4.5% APRC) fixed until 31 May 2023, and after this it reverts to 4.74% variable. The deal is available at a 65% LTV and charges a product fee of 2% of the mortgage. This deal requires a rental income of a minimum of 125% of the mortgage interest.
The five year fixed deal from The Mortgage Works offers a rate of 1.64% (3.8% APRC) fixed until 31 May 2026, and then reverts to 4.74% variable. The deal is available at a 65% LTV. A product fee of 2.00% of the mortgage is charged. Landlords are required to have a rental income of a minimum of 125% of the mortgage interest for this deal.
News story The Secretary of State has appointed Chris Jones, Adele Gritten, Guto Bebb and Denise Lewis Poulton as members of the S4C board
Chris Jones, Adele Gritten, Guto Bebb have been appointed to four year terms from 01 February 2021 to 31 January 2025. Denise Lewis Poulton has been appointed to a four year term from 01 April 2021 to 31 March 2025.
From:
Chris Jones
Chris has 25 years’ experience as a CEO, CFO and non-executive director (NED) in a range of businesses operating in highly regulated environments (utilities and financial services), with a strong focus on customer service and long-term sustainability.
He was a co-founder of Glas Cymru Cyf., which acquired Welsh Water for £1.7 billion in 2001 to create the UK’s only non-shareholder, private utility company. Chris was CFO of Welsh Water from 2001 to 2013 and then CEO until he stepped down in May 2020.
Accord: Pandemic fallout has created opportunities for brokers mortgageintroducer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgageintroducer.com Daily Mail and Mail on Sunday newspapers.
Foundation Home Loans strikes back office deal with ULS
By Roger Baird 6
th April 2021 9:50 am
Foundation Home Loans has struck a deal with ULS technology to provide digital back office support to the specialist lender.
The Bracknell-based lender said the move will allow it to deliver faster electronic offers and certificates of title to customers.
The agreement also supports a full solicitor panel and will also provide access to a select panel of lawyers with expertise in buy-to-let situations, such as houses in multiple occupation.
Thame-based ULS technology provides back office management for several mortgage lenders, such as the Principality Building Society, Hodge and Habito.