IMPORTANT UPDATE - The PIMS Tenancy Agreement for New or
Renewing Tenancies has been updated to comply with the Tenant Fees Ban ENGLAND from June 2019
Wales Legislation Pending
Metro Bank and Virgin great new buy-to-let deals.
Metro Bank and Virgin Money have entered the fray by launching brand new competitive rates on mortgages for landlords, with the former going out to attract investors who have a property folio of 25 and over whose sole income is derived from their properties.
Metro Bank is offering two deals which are a two year tracker at 4.89% and a five year fixed rate at 5.25%. These are both carrying a rent to interest calculation of 125% at 5.5%. Clients are able to re-finance at one time up to 10 properties with a sum total exposure of £2.5m to 65% LTV (loan-to-value)
This can be seen as an attractive proposition because of the overpayment facility of up to 10% as well as the interest-only option which is also being offered of up to 10 years. These are also being made available to SPV limited companies and trading businesses.
Richard Saulet, director of mortgages and commercial delivery at Metro Bank, said: "We are always looking for new ways to support our customers and bring them the best in service and convenience. We believe there is plenty of room for more lenders to offer mortgages suited to professional residential investors, and are pleased to be able to support this group through today's extension."
Virgin Money has announced its new two-year intermediary exclusive buy-to-let mortgage for only just 2.99% which is available at 60% loan-to-value with a £2,495 charge. They have also cut back the rate on its two-year buy-to-let fixed rate at 60% LTV down to 3.38% with a £1,995 charge.
Borrowers are also able to get a £750 money back across Virgin’s buy-to-let, but this does not apply to intermediary exclusives.
Immigration Act revised 2016 should a landlord or letting agent fail to ensure ALL tenants/occupiers have a righto reside for the duration of the tenancy then they may be fined £3000 for each breach. The Secretary of State may instruct the landlord to remove such persons without the need of a court order by way of reasonable force
Labour market enforcement - restriction on illegal migrants to work. A labour market enforcement undertaking (an “LME undertaking”) is an undertaking by the person giving it (the “subject”) to comply with any prohibitions, restrictions and requirements set out in the undertaking
Under section 42 of the County Courts Act 1984 it is possible for the Court to transfer a matter from the County Court to the High Court for enforcement but leave (permission) of the Court is required first. The transfer time varies from court to court and can take up to 28 days, but normally takes far less. An application to seek permission can be made either at the time of making the possession claim or after possession has been ordered.