Lots of news snippets for you this week. Read on...
Melton Mowbray Building Society has a new, five-year, fixed rate buy-to-let mortgage. Priced at 4.89 per cent to 30 November 2016, the deal is available to 70 per cent loan-to-value and has a flat fee of £998. Check out more BTL deals at www.moneyfacts.co.uk.
It's interesting to note that only 112 out of 167 lots were sold at the most recent Allsop commercialproperty auction and that's being described as their 'lowest success rate for three years' in the media. I'd suggest it's a blip, more to follow. If you are interested in buying at auction, we have a new how-to article coming soon.
Solar energy has been a hot topic for some time now. New research from the Energy Savings Trust reveals how much money a householder can save by using solar thermal. 'Solar thermal can save households £55 a year compared to gas and £80 a year compared to an electric emersion heater for heating water. In terms of carbon solar thermal can save 230kg compared to gas and 510kg compared to electric.'
I've received a press release for 'Fighting Fraud Together' which is being run by, amongst others, the Council of Mortgage Lenders, Financial Services Authority, British Bankers Association, Land Registry and the Royal Institution of Chartered Surveyors. Bottom line? They are going to share more information with each other. Rogues and ne'er do wells need to take note.
A new scheme offers student landlords the opportunity to join an accredited marketing network. The scheme is run by student charity Unipol and online portal Accommodation for Students (AFS) and is backed by the National Union of Students. For more information, go to www.unipol.org.uk/afsunipolcode
I've just been reading the latest Defaqto analysis into BTL mortgage rates and, as some media are reporting, rates and fees 'are falling'. It's being presented as a 'right now' story although the reality is that there has been a gentle decline over the past year. Do factor in the fees, of course. David Black at Defaqto cautions, "People should factor mortgage fees into their calculations as, like the interest rate, they tend to be much higher for buy-to-let mortgages than for residential mortgages, and can make a real difference to the overall cost of the mortgage."
All for now, see you again soon.
Iain Maitland
