When you are looking to purchase a home, information is key.
This week’s news…
Good News for ‘want-to-be’ Landlords.
Accord mortgages are supporting want to be landlords with changes to their lending criteria.
They will now accept First-time buyers for applications on their buy to let range of products. For existing landlords, they are also removing minimum income criteria which means landlords with less than £25k personal income will be accepted.
As buy to let mortgages are serviced by rental income, buy to let lenders that adopt this approach can clearly evidence affordability helping more landlords access the market.
Interest Rate Rises
Today (Friday), I attended the Negotiator Conference which brings together leaders in the industry to debate the hot topics the property market is facing. Robert Peston, the keynote speaker and of course the ITV Economic expert.
Robert shared he was “surprised that the Bank of England didn’t increase interest rates as he feels the earlier they increase and nip it in the bud, you the less you need to increase the rates later down the line”
We will see whether the December Bank of England meeting on the 16th will result in an increase before Christmas!
DID YOU KNOW…
If your first property purchase is a buy to let, you will only pay the basic rate of stamp duty (not the additional 3%).
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