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mollyharrisuniverse-blog · 2 years

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Are your buy-to-let properties worth selling?

One of the significant reasons for investing in buy-to-let mortgages is they are assumed to be tax efficient, but unfortunately, you cannot benefit from it the way you used to until Brexit. It is assumed that these properties are tax-efficient, but the fact is that they are much less tax efficient than assumed.

To most the people, buy-to-let mortgages seem to be a money-making opportunity. Investing in property could allow you to make some money in the form of rent, but when you calculate the overall cost, including the letting agent commission and tax you paid, you find that you are left with very little income.

It is likely that you may decide to sell your buy-to-let property and use the money to buy another house for your residential purpose. However, it is not as easy as it seems. There are many things you should consider before deciding if it is worth selling buy-to-let properties.

Should you sell the buy-to-let property as tenanted or vacant?

Once you have decided to sell your property, you should inform your tenant because you never know if they might be interested in buying your property. If so, you really do not need to ask the agent to look for a buyer for you, and you can easily save your money on those formalities.

If it is not on your cards, you need to decide if you should sell it as tenanted property or a vacant home. Both have their advantages and drawbacks. Carefully peruse it, so you do not regret it later. If you tend to sell the tenanted buy-to-let property, you will have limited market options to sell.

Most of the buyers and investors are generally interested in buying vacant property. Further, if anybody gets ready to buy your property, you will not be able to sell it at market price. It will likely be a loss deal. If you have decided to sell your house to a sitting tenant, make sure that you have explained to your tenant what the sale could mean to them.

Frequent sale agent visits will be there, so they should always be ready to get through such hassles until it is sold. Try to explain to them its benefits so they could be helpful when property agents come to take photographs or view the house. Their cooperation is required to make it much easier.

You need to check your tenancy agreements, however. The agreement may give them certain rights, for instance, quite an enjoyment, which means you cannot force them to allow people in to take the view of the house or take photographs. If there is any kind of such clauses, you will have to wait until the termination of the letting contract. If you have a good relationship with your tenant, they may be lenient and avoid being stuck to the clause given in the agreement.

Here are the advantages of selling the property with a tenant:

You will keep earning a rental income until the sale is complete. You will be able to earn money as rent until the sale is made, so cash is coming in throughout the period.

The buyer will have the advantage of getting rent from day one.

If the sale falls through, you still have a chance to prevent the loss of rental income.

If you sell a vacant property, you will likely be put on the open market because now, people other than investment buyers may also be interested in buying buy-to-let properties. Further, you may be able to sell at a higher price.

However, the drawback is that you will have to wait until the tenancy period expires. Further, you will have to do it up so you can sell it up at good prices.

5 Factors to think about initially

You must have decided whether you want to sell your buy-to-let property with a sitting tenant or vacate, but before you get into action, you will have to look at the following factors:

Mortgage implications

You do not have to worry about anything if you have already settled a mortgage, but if it is yet to be settled, you will have to consider its implications on your sale process. The ideal time for selling your buy-to-let property is when your fixed-rate interest period is going to expire.

This is the period when you are charged fixed interest rates for two, three or five years and afterwards you are put on a standard variable interest rate. You will end up with hefty interest if a longer fixed rate interest period is left.

However, not all lenders charge very high early repayment fees. Make sure you should consider the best buy-to-let mortgage. This will likely help get money at affordable interest rates.

When to sell

The next thing you need to look at before selling your buy-to-let properties is the right time to sell them. Although the housing market performs well throughout the year in the UK, it is always recommended that you should do some research to know the condition of the local market.

Sometimes the market moves sluggishly due to economic factors. With the help of research, you will be able to know the market selling price. You will get an idea if it is actually worth selling it.

Should you refurbish?

This is another thing you need to consider before deciding on selling buy-to-let property. Doing up your house can help improve the chances of getting good prices but ensure you get a return on the cost you are investing. Refurbishment does not always help get higher prices.

Vacant possession

You cannot just throw them out if you already have a tenant. You will have to wait until the tenancy period expires. You will have to follow the strict legal process. However, if the agreement has the clause that you can ask them to leave any moment before the tenancy period expires by giving a notice period in advance, you can go ahead then.

Take the help of an advisor

Even though you know the entire procedure and you have decided to sell buy-to-let mortgages, you should consider an independent mortgage advisor in Edinburgh. They can help better guide you on what you can do about it.

The final word Well, if your purpose is just to make your property tax efficient, it is recommended that you sell it, as this property is not as tax efficient as it seems, especially for those who are high taxpayers. However, it does not mean that you just have to take into account this factor only. There are a lot of other things you need to look at, for instance, whether you should sell the vacated property or with a sitting tenant.

Both have their own advantages and disadvantages. You will have to look at them carefully, so you choose a better option. Apart from it, other factors include mortgage implications, when to sell, whether you need to do it up, vacant possession, and taking the help of an advisor.

Original Source : https://mortgagebrokerinformation.weebly.com/blog/are-your-buy-to-let-properties-worth-selling

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olko71 · 5 months

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New Post has been published on https://yaroreviews.info/2024/01/average-mortgage-rate-lowest-for-nearly-seven-months

Average mortgage rate lowest for nearly seven months

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By Kevin Peachey

Cost of living correspondent

The average rate on a two-year fixed mortgage has fallen to its lowest level for nearly seven months as lenders compete for custom.

Financial information service Moneyfacts said the average rate had fallen from 5.92% to 5.87% in a day.

Major lenders, such as the Halifax and HSBC, have begun the year with rate cuts to keep hold of customers, as their own funding costs have dropped.

More reductions are expected, but many homeowners still face rising bills.

“The mortgage market may be heating up, but this won’t fully ease the pain for the roughly 1.6 million existing borrowers with cheap fixed rate deals expiring this year,” said Alice Haine, personal finance analyst from Bestinvest.

“They still face a heavy jump in interest payments when they switch onto a new product, with the only comfort that the situation could have been much worse.”

Mortgage rates will remain higher than many people have been accustomed to because of significant changes over the past two years.

The interest rate on a fixed mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it. Doing nothing would leave people on a variable rate, which are very expensive – with an average rate of more than 8%.

However, the UK’s biggest lender, the Halifax, started the year by reducing the rate on some of its mortgage products by nearly one percentage point.

Others have followed suit such as TSB, First Direct and NatWest which will make cuts to some products on Friday, and more are expected to join them with reductions – although not every product will see such large falls.

These changes have already fed through to the average rates, as calculated by Moneyfacts. Both the average two-year fixed rate and five-year fixed rate are at their lowest level since June.

Richard Fearon, chief executive at Leeds Building Society, told the BBC’s Today programme: “This mortgage price war has become very visible this week. There is always a Christmas slowdown, but we’ve seen the market come back with a bang and it’s really competitive. Rates are down one percentage point or so since their peak.”

House prices set to fall and rents to rise in 2024

How interest rates affect you and your money

On Friday, Halifax said house prices rose for a third month in a row to average £287,105 in December, but said it forecast a fall in prices this year with buyers perhaps becoming more cautious due to economic uncertainty.

Kim Kinnaird, director at Halifax Mortgages, suggested last month’s growth was most likely driven by a “shortage of properties on the market, rather than the strength of buyer demand”.

She added that with mortgage rates easing, “we may see an increase in confidence from buyers over the coming months”.

While Halifax is the UK’s biggest lender, its figures only take into account buyers with mortgages – about two thirds of all sales – and do not include those who purchase homes with cash or buy-to-let deals.

While Halifax’s own mortgage approval data showed house prices ended last year 1.7% higher than in 2022, Nationwide recently said its data suggested prices ended the year 1.8% lower.

While both lenders have predicted slight falls in house prices in 2024, there is generally a mixed view among experts.

Separate figures from the Bank of England published on Thursday show that the number of mortgage approvals rose slightly in November, which could be seen as a sign of a touch more confidence from buyers late last year.

Approvals for house purchases were up from 47,900 in October to 50,100 in November. For remortgaging with a different lender, the total increased from 24,000 in October to 27,000 in November.

Guy Gittins, chief executive of Foxton’s, London’s biggest estate agent, told the BBC’s Today programme there had been a “huge movement in confidence” late last year with the more new buyers registering compared to the same period in 2023. “I think the prices that we’re achieving at the moment in the UK are relatively steady, but what we will see is a lot more movement in the market and many more transactions,” he added.

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But Emily Williams, director of research at Savills estate agent, pointed out: “Mortgage lending for house transactions rose slightly month-on-month in November, but were still down 26% against the pre-pandemic normal level of activity.

“Buyers who do not have to move are continuing to hold off while the cost of debt remains high. Looking ahead, there are encouraging signs for mortgaged buyers.”

That encouragement depends on whether economists are correct in their prediction that the Bank of England’s benchmark interest rate will fall relatively soon.

Investment bank Goldman Sachs is predicting that interest rate cuts will start in May.

Such a move may also ease the pressure on costs for mortgaged landlords and, eventually, in turn slow the rate of rent rises for tenants.

However, it will be bad news for savers, with analysts suggesting the rate of return on savings has now peaked.

What happens if I miss a mortgage payment?

If you miss two or more months’ repayments you are officially in arrears

Your lender must then treat you fairly by considering any requests about changing how you pay, such as lower repayments for a short time

They might also allow you to extend the term of the mortgage or let you pay just the interest for a certain period

However, any arrangement will be reflected on your credit file, which could affect your ability to borrow money in the future

More on this story

Borrowers’ pain eased as lenders cut mortgage rates

1 day ago

House prices set to fall and rents to rise in 2024

26 December 2023

How interest rates affect you and your money

14 December 2023

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bestadviceuk · 3 years

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NatWest moves to simplify buy-to-let offering

NatWest is implementing a number of changes designed to simplify and improve its buy-to-let proposition. The bank is changing the way it assesses affordability and how much a customer can borrow, and also making it easier for a buy-to-let re-mortgage customer to make a like for like application with NatWest. These changes include: Two new simplified indication calculators: One for ‘small…

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jeepkayak7-blog · 6 years

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IVA advice – Get genuine advice to stay safe

A good IVA will only work if you have it set up before your creditors commence to seize the assets. For this reason you should instantly check out or perhaps find the right iva advice now before issues goes wrong. Many people make these decisions when it's too late. Don't let yourself be like those people. You worthy the right decisions made. If the right decisions are manufactured, you will never struggle. Deciding to stick with an IVA is better than bankruptcy. This is why most people rush to tap into them. If you do not know if a person qualify, there are many websites which have IVA calculators. You are able to calculate for free. So, when you decide to get the best IVA advice, you will know the following: Do you qualify for an IVA? A lot of people do not qualify for an IVA which is why they begin the process and also end up let down. You need to determine that you actually meet the criteria. When which is done, you will have an amazing moment as it is needed. So right here ways to determine if you be eligible or not: 1. You should have at least £5000 or more in debts. 2. You must have a normal income. 3. You must have 2 or more creditors. 4. You must be prepared to pay £90 or maybe more monthly to your debts. IVA advice on debts which can be considered as IVAs Here is that you should know: Generally, bad debts that are unprotected can be considered as IVAs. However, many of the most common bad debts that are put in IVAs include: 1. Payday loans like Wonga, Satsuma, Drafty, Lending Stream, etc. 2. Credit card bad debts like Virgin, HSBC, Capital A single, Barclaycard, Natwest, etc. 3. Unsecured loans Several. Overdraft debts together with your existing bank account or your earlier account. 5. Council tax financial obligations 6. HMRC debts When you decide to try to get IVAs, you need to contain all your unprotected debts. You do not pick and choose what is added. A few debts that cannot be included in IVAs 1. Mortgage arrears . Secured loan financial obligations 3. Rent financial debt. Unless property owners agree to IVA plans. 4. Hire buy debts 5. Guarantor loan financial obligations IVAs can be particularly beneficial to specialists like lawyers or accountants who can't continue operating when they declare bankruptcy. An IVA acts as the final approach to make total repayments to be able to creditors. This is achieved as a part of handling debts. When you decide to apply for IVAs, it is most important for your creditors, especially if you have been given statutory needs or personal bankruptcy petitions. Therefore in most instances, proposals made are agreed upon. Take a look at iva-advice.co for more information regarding IVAs that can help you.

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mollyharrisuniverse-blog · 2 years

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#remortgages with poor credit #remortgages for bad credit uk #remortgages with bad credit #natwest mortgage calculator uk #natwest remortgage calculator #natwest mortgage calculator buy to let

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mollyharrisuniverse-blog · 2 years

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Tax factors to consider when getting a buy-to-let-mortgage

Top 5 Tax Factors to Consider While Applying for A Buy-To-Let-Mortgage

Despite Brexit and the Pandemic hit loss, the UK is still encountering an all-time high inflation rate. With property prices rising, mortgage rates are too touching the sky.

When you buy a property aiming for investment, searching for quotes for a standard mortgage would not work in this case. Instead, you will need to explore the best buy-to-let mortgages.

Buying and investing in a property is still an attractive proposition for landlords visualizing long-term returns. Many young investors share a vested interest in it. Not only investors but online mortgage brokers in the UK are also exploring different ways to attract customers to a buying-to-let mortgage.

What Are Buy-To-Let Mortgages?

These mortgages are for those landlords looking forward to buying property at promising rates to rent it out. You may be interested and get a buy-to-let mortgage in the following cases:

1. You are willing to invest in new flats for rental purposes.

2. You are familiar with and willing to take real estate risks.

3. You are a homeowner with or without an outstanding mortgage.

4. Your earnings exceed £25000 a year. If you earn less than this, qualifying for the mortgage may become difficult

5. You should be below 75 years when the loan term ends. The mortgage loan term is 25 years.

If you are new to this and exploring quotes, use Lloyd’s bank mortgages calculator for first-time buyers.

It will help you understand the total funds you can borrow, interest rates and repayment terms as per affordability.

To get a mortgage on the investment property, borrowers have to pay at least 25% of the property’s value upfront as a deposit. The bigger the deposit, the better will be the interest rate. While assessing the borrower’s affordability, lenders analyse the previous history of buying-to-let properties.

What is Buying to Let Mortgage Rates 2022?

In April 2022, the rate of buy-to-let mortgages had an interest rate of 3.38%.

Apart from this, the Government introduced changes to residential property mortgages. Under this, individuals have to comply if:

1. A UK resident rents residential property in the country or overseas

2. Non-UK resident renting a property in the UK

3. Individuals renting residential properties in partnership

4. A trustee liable for income tax profits on residential properties Thus, residential landlords with finances are the most affected by these changes. Hence, online mortgage brokers and owners must be familiar with top tax factors while applying for a Buy-to-let mortgage.

Top Tax Parameters to Know Before Applying for Buy-To-Let Mortgage

Despite rising mortgage rates in the UK, there is an increased shortage of homes. If you are considering buying a property in the future or now, you must be familiar with some “buy-to-let mortgages” tax factors. Here are some taxes that you must be aware of:

1) Stamp Duty Land Tax (SDLT) - It is a tax that landlords must pay if buying a property or land in England and Northern Ireland. The tax differentiates in terms in cities like Scotland and Wales. The home buyer pays the SDLT, not the seller.

The Buy-to-let owner has to pay the tax to HMRC within 30 days of purchase. In addition to this, if purchasing a second property in England, there is an additional 3% surcharge that applies to the property price.

2) Capital Gains - If you are preparing to buy a property in the form of buy-to-let, you must be familiar with capital gains tax.

Under this, basic taxpayers will pay 18% of the gains they make by selling the property as rent. High-bracket taxpayers pay 28% capital gains on the property. As per the 2019-2020 statistics, you can make tax-free capital gains of up to £12000. Earlier it was £11,700. Couples owning the property jointly, combine the allowance and earn a whopping capital gain of £24,000.

It is possible that you can offset some costs when you buy a property and any charges associated with it. Are there any capital improvements that you would like to improve? List those too. However, you cannot deduct outgoings on the upkeep property and interest on the mortgage.

3) Income Tax - The income a landlord receives from rent is taxable. For this, the lender has to report it by filing a Self-Assessment Tax return. A landlord has to pay the tax according to the rental income. Some offset expenses include property repairs, maintenance costs, council tax, insurance premiums and agency fees. One can relish tax relief on mortgage interest costs and loans used to purchase property for investments. It is restricted to certain tax reliefs.

4) Annual Tax on Enveloped dwellings - It is a tax levied on the UK property owners for properties that are valued at over £500,000. It originated in 2013 at £2 million. The value at which this tax applies gets refused over subsequent that have considerably fallen under the bracket.

Entities liable for this includes firms with interest and partnerships with multiple companies. There are many benefits that landlords can exercise under this. It is especially true when the landlord rents out the property. He has to submit ATED (Annual Tax on Enveloped Dwellings) every year.

5) Inheritance tax - An inheritance tax is a tax imposed on an individual who has inherited the property after the father’s dismissal. The normal inheritance tax rate in the UK revolves around 40%. It is charged on the property valued above £3,50,000.

One does not have to pay the tax if the home value is below £3,50,000, you leave everything to your partner or civil partner, and you leave everything above the threshold to an exempt beneficiary. It may include charity or sports clubs. If you give your home to your children or grandchildren, your property threshold may increase to £5,00,000.

Bottom Line

Thus, property taxation is a complicated idea and requires detailed expertise. If you are a landlord looking forward to investing in Buy-to-let properties, these are some tax implications that you should be aware of. Check the eligibility and guidelines while filing for any tax here. It will help you get a better hold over things.

Source : https://mortgagebrokerinformation.weebly.com/blog/tax-factors-to-consider-when-getting-a-buy-to-let-mortgage

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mollyharrisuniverse-blog · 2 years

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mollyharrisuniverse-blog · 2 years

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How to Find the Mortgage Broker Meant for You ?

See, it isn’t that difficult.

All you need to do is to ask yourself if you are ready to take out the mortgage and to obtain the help of a broker in this regard.

Finding a mortgage broker is minutes away when the answer to that is yes.

However, there are rules to everything…even drinking a glass of water.

In order to find the right mortgage broker, you need to look at the market, of course. You should find what lenders have between them to make lending more approachable to a borrower like you. Above all, you should have a very clear idea of mortgages too.

With that being said, this post might help you with the broker part. Assuming you are conscious of what mortgages mean in a general sense, you might as well get some sort of assistance from this post to find a broker you want.

Read on to learn more

How to Find a Mortgage Broker Who Will Take Care of Your Needs

There are many online mortgage brokers in the UK, and you need one of them or a team of them in order to find you the most attractive mortgage deal of the time.

Before we reveal how to do that, we might want to tell you something about mortgage brokers.

A mortgage broker is a broker who deals with mortgage loans from direct lenders in the market. A broker has detailed knowledge of this market and has quite good access to facilitate a borrower with appropriate lender services. A professional in this stream understands your requirements and valuation of the mortgage you need in a good way.

Due to having access to state-of-the-art mortgage software and years of experience, a broker not only finds the lender for you; but also ensures whether or not the lender is going to accept your loan application.

According to industry data, a mortgage broker might get your loan delivered to you faster as well compared to looking for the money yourself.

No doubt about a broker anymore, right?

Well, let’s read how to get yourself the broker you need:

Step 1: Look for a Broker with a Whole-of-Market Approach

You need to understand what a whole-of-market approach means.

Usually, when you are looking for a lender for a mortgage, you will browse the entire market to gain the best possible deal. Now, this process is definitely time-consuming, and you might also require technical market data and a lot of industry-related experiences to find yourself the deal you want.

Brokers will do it for you in an easier and in more productive way. Trust them, and they can get you to fruition regarding a mortgage.

But are they using the whole-of-market approach in the way you want to?

Maybe not!

Some brokers will advise you to take the guidance of lenders in a ‘panel’. It reduces your options and makes it less flexible to the side of cost-effectiveness as well.

Before you get in touch with a broker, find out if the professional is offering you a whole-of-market approach as a policy in their services. To know this for certain, do go through the website of the broker thoroughly.

Step 2: Ask Questions to Your Broker

Well, the first question to ask the broker is obvious from the previous point.

But there are some other questions too!

Here they are listed below. Don’t forget to ask each of them your mortgage broker:

Are you offering a whole-of-market approach?

What can you offer as facilities, such as insurance (or mortgage protection insurance)

Are you working in the industry for long?

Are you also going to manage chase and admin lenders?

At what hour do you work?

Are you a registered mortgage broker in the UK online?

These questions may sound common. But they can give you a lot of ideas on what to look for in a mortgage broker. Go ahead and ask professionals these questions till you come to a sound conclusion

About the last question, you might need to know something more…

Step 3: Check Whether or Not the Broker Is Registered

Be it brokers, in any country, you must try to find out if the pro has been a registered agent in this domain of occupations.

In the UK, brokers are registered as licensed professionals to conduct their work by the Financial Conduct Authority or the FCA. You need to check the FCA Financial Service Register. Visit its online portal and use the name of your broker to find out whether or not FCA standards already approve the professional.

Although you are going to ask your broker, it becomes your duty to verify the agent yourself as a borrower.

You can keep things safe and get to call yourself a responsible borrower, right?

Step 4: Compare Services and Fees

Comparing services will only take you to a platform of clarity.

You need to learn how the broker you are selecting offers his or her services. Some provide telephonic services, while others can come and meet you in person. Some prefer sharing their advice over the Internet by text messages or video calls.

For the fees part, you have to compare services to get affordable rates for saving money in the long run. However, that does not mean that you need to compromise services.

What you can do is take the help of an app to compare fees in a faster way. When you are done with this, you can go ahead and check how the fees are required from the borrowers. Some can ask you for an upfront fee, while others can charge you when you get the mortgage. Again, some brokers might go with both.

Oh yes, do calculate the total expense. When you do so to figure out loan terms by the NatWest remortgage calculator, why wouldn’t you do the same for broker fees.

To Conclude: Go through Customer Reviews

It is the best thing to do to find the right mortgage broker.

Make sure the reviews you are checking are entirely authentic. Also, go through reviews on social media.

Then, you might thank this post for having gotten the best mortgage broker.

Description: When taking a mortgage is something you are concerned with, finding out the mortgage broker might be useful to you. Here is how to do that.

Source: https://mortgageloansuk.wixsite.com/shinemortgages/post/how-to-find-the-mortgage-broker-meant-for-you

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