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Source: theguardian.com
Video: What is a Tracker Mortgage?
RLA ‘Shocked’ at West Brom mortgage tracker rate ‹ RLA Landlord News Hub
accreditation Additional Licensing Alan Ward buy-to-let Consultation Direct payments east and west yorkshire East England east midlands green deal HMO HMO licensing HMOs housing benefit Housing Benefits investment Labour landlords letting agents Licensing local housing allowance London Mark Prisk mortgages National News north east North West north yorkshire private rented sector prs regulation RLA Scotland selective licensing shelter south east south west south yorkshire TDS Tenancy Deposits training Universal Credit wales Welfare Reform west midlands
Source: org.uk
Why I’m not paying off my mortgage
I’m in the same position as TA, my life time tracker rate is base +0.55% so paying 1.05% at the moment on my IO mortgage for the next 18 years. I also have the same dilemma. I have enough cash to cover the mortgage today, and a fair bit in equities, albeit in a single company that I work for, risky but I am comfortable with that. I need to beat 1.8% saving rate to cover my mortgage cost (excluding inflation) so for the last 3-4 years my bank is paying me to live in my house. I’m reluctant to give up this cheap loan rate, I do have the ability to pay back the debt and re-borrow on the same terms, but my bank is the one with a large debt at the moment so that may change later. I am happy with having the cash, mostly easy access so I can quickly reduce the debt level from day 1 and totally within 6 months. I have a third in cash ISAs so are keen to keep the tax free status at the moment. I’ve keep cash for the same disaster reasons as TA too, losing my job, redundancy pay off, I have no partner at the moment so it’s all down to me. I’ve thought about BTLs, but can’t seem to make them pay vs the hassle. Although the ability to have a different income source when I retire is very appealing. Finding decent savings rates are becoming harder and harder I have about a year before any fix term bonus rate expire so then I’ll need to make some decisions. Decision decisions!!
Source: monevator.com
UK Housing Market Falling Buy to Let Mortgage Fixed Interest Rates :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website
News of West Brom building society’s pending 2% rate hike for its 6,700 buy-to-let (BTL) tracker mortgage borrowers, so soon after the customer class action against the Bank of Ireland’s similar move, will make for a nervous time for the BTL tracker market and will leave many landlords searching for an escape route.
Source: co.uk
Tracker mortgages are now so valuable they may be affecting the market
When the crash started I sent an email to the main political parties. My opinion then is still the same today and will have to happen if we are to get the country back to normality. I believe that all mortgage holders who borrowed in the lead up to the crash that are now in negative equity, should be entitled to a full review of their borrowing and brought into line with their property’s current value. By this I mean if a loan was issued on a property when it was valued or purchased at during the peak say in 2000 to 2007, the bank should adjust the loan based on its current value and use the old system that was in place to evaluate how much the borrower can afford based on the buyers income. A new loan matching these criteria should be then activated and the old one discharged. This of course there would be a huge loss to the banks in the short term but very beneficial in the long term. They are going to lose out no matter which way they deal with it. It is quite simple, if you can’t pay, YOU CAN’T PAY. By doing this simple exercise you will achieve the following. • People will start to trade property again • People will buy and sell either upsizing or downsizing • Struggling Businesses will benefit from new house sales • New jobs will be created • The banks will be back in the mortgage business • More money will circulate • The economy will start to work and grow • Normality will return • The banks will make profit from their new mortgages The list goes on and on! Property tax should only apply to property that was purchased during or after 2012 No property tax should be paid on property that had the enormous stamp duty in the recent years, when it is sold on then it becomes liable. Eventually all property will end up liable for the property tax as they are bought and sold.
Source: myhome.ie
West Bromwich Change Tracker Mortgage Terms
“ground rents” ” section 5 notices” Adjustable-rate mortgage Bank of England Building society Buy to let flats short leases freehold ground rent Freehold ground rents ground rent reversion house prices housing boom. Mortgage loan proeprty market property property bubble property investment property investments property market protected tenants real estate Real estate pricing regulated tenancies rent control tenant residential market selling sitting tenants Sitting Tenants Sitting Tenants, property investments, flats short leases, regulated tenancies West Bromwich Building Society
Source: wordpress.com
FHFA Mortgage Rate Tracker Posts Increase in January
Conventional mortgage rates went up to start the year, according to the Federal Housing Finance Agency’s (FHFA) monthly rate report. The average interest rate on conventional 30-year, fixed-rate mortgage (FRM) with a principal of $417,000 or less was 5.1% in January, an increase from 5.05% in December, the FHFA said. The average interest rate on 15-year FRM of $417,000 or less stayed at 4.54% in January. The rates are derived from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase mortgages, reflecting loans closed from Jan. 25 to Jan. 31. Since typically, the interest rate is determined 30 to 45 days before the loan is closed, the rates depict market conditions prevailing in mid- to late-December, FHFA said. The data is based on a monthly survey of major lenders that report the terms and conditions on all conventional, single-family, fully amortized, purchase-money loans closed the last five working days of the month. The survey excludes Federal Housing Administration (FHA)- and Veterans Administration (VA)-backed loans, refinance mortgages and balloon loans. The data is based on 3,981 loans from 39 lenders representing savings associations, mortgage companies, commercial banks, and mutual savings banks and weighted to reflect the shares of mortgage lending by lender size and lender type. The average contract rate for all loan types — fixed- and adjustable-rate mortgages (ARMs) — was 4.99% in January, up 7bps from 4.92% in December. The effective interest rate, which reflects the amortization of initial fees and charges, was 5.07% in January, up 6bps from 5.01% in December. The average origination fees and charges were 0.54% of the loan balance in January, down from 0.62% in December. FHFA said 51% of purchase mortgages originated in January were no-point mortgages, up from 45% in December. The average loan-to-price was 72.7%, down 1.2% from 73.9%. In a separate report, FHFA said that in January the national average contract mortgage rate for the purchase of previously occupied homes was 5.01%, up from 4.02% in December. This rate is commonly used to adjust ARM rates and previously was the only index rate that federally chartered savings and loan associations could use as an adjustable-rate mortgage index in the early 1980s. Write to Austin Kilgore.
Source: housingwire.com