Tag: letting agency

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Rates cut on wide range of buy to let and holiday let mortgages

Rates cut on wide range of buy to let and holiday let mortgages

Suffolk Building Society is taking up to 30bps off its fixed Buy to Let, Buy to Let Light Refurbishment, Expat Buy To Let and Holiday Let products.

It is also slicing up to 30 bps off its 95% resi mortgages, giving an affordability boost to first time buyers and those with smaller deposits.

A society spokesperson says: “We’re pleased to be able to offer landlords more affordable rates across various Buy To Let product types to help lower their monthly costs. And of course, lower payrates help with BTL affordability, enabling them to access the loan amounts they require.

“As well as new regulations around energy efficiency and the introduction of a new Decent Homes Standard requiring improvements, landlords are also facing further changes from the upcoming Renters’ Rights Bill. In addition, the Budget may bring further change. As a result, landlords face uncertainty so saving money where possible is always a positive.”

She adds: “With house prices still rising, and the average UK house price standing at £289,723, there’s a clear need to support first time buyers with their property ownership ambitions. First time buyers are in the spotlight at the moment and rightly so.

“With the cost of living and the ability to save up a sizeable deposit becoming even more challenging, higher LTV products go some way to help those looking to get on the property ladder. It also provides an alternative for those looking to remortgage and borrow extra for home improvements too.

The following are now available for both purchase and remortgage:

Buy to Let

  • 80% LTV 2 Year Fixed capital and interest has been reduced by 20bps to 5.39%, max loan £1m.
  • 80% LTV 5 Year Fixed capital and interest has been reduced by 30bps to 5.19%, max loan £1m.

Buy to Let Light Refurbishment

  • 80% 2 Year Fixed capital and interest has been reduced by 20bps to 5.49%, max loan £1m.
  • 80% 5 Year Fixed capital and interest has been reduced by 30bps to 5.29%, max loan £1m.

Expat Buy to Let

  • 80% 2 Year Fixed capital and interest has been reduced by 16bps to 5.69%, max loan £1m.

Holiday Let

  • 80% 2 Year Fixed capital and interest has been reduced by 14bps to 5.55%, max loan £1m.

Residential

  • 95% LTV 2 Year Fixed capital and interest has been reduced by 30bps to 5.39%, max loan £500,000
  • 95% LTV 5 Year Fixed capital and interest has been reduced by 24bps to 5.05%, max loan £500,000

Original Post from https://www.landlordtoday.co.uk

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Rogue letting agency ordered to pay £50,000 for a series of offences

Sagal Abdi Wali

An agency in North West London has been found guilty of a series of offences under the Housing Act 2004 at two Houses in Multiple Occupation (HMOs) in Camden.

At Highbury Corner Magistrates Court, London Living Group Limited of 1a Chalk Farm Parade, Adelaide Road, London, England, NW3 2BN and its company director, Alvaro Odeh-Torro, of London Road, Leigh-on-Sea, Essex, SS9 and  Chalk Farm Parade, Adelaide Road, London, NW3 were, between them, convicted of a total of eight offences under the Housing Act 2004, committed at two Camden properties, and collectively fined a total of £47,200 with costs of £3,000.

Both properties were licensed as HMOs and were inspected after the Council obtained information that Mr Odeh-Torro and his company were involved with the management of the property. Mr Odeh-Torro is well known to Camden Council after it had taken earlier enforcement action against other companies (Alterna Limited and LRTR Limited) for similar offences under the Act previously and issued financial penalties for breaches of the Act against companies of which was a director.

An inspection of 25 Carrol Close on 2 February 2023 found that the property was being occupied by more households than was authorised by the HMO licence (an offence under s.72(2) of the Act. Officers also noted several issues breaching the Management of Houses in Multiple Occupation (England) Regulations 2006 including defective fire doors.

The inspection of 68-70 Falkland Road on 9th March 2023 also found that an undersized room was being occupied despite the HMO licence specifically stating that the room should not be occupied.

Mr Odeh-Torro and London Living Limited also pleaded guilty to offences under s.238 of the Housing Act 2004 after they were found to have provided false or misleading information to the Council relating to the receipt of rental payments from the tenants.

Cllr Sagal Abdi-Wali, cabinet member for Better Homes at Camden Council, which successfully prosecuted the agency said: “Around a third of Camden residents rent from private landlords and they deserve to live in properly regulated, safe homes and to be treated fairly.
“Most of our landlords are decent law-abiding people. However, for too long, a minority have been able to let housing that is unsuitable while exploiting their tenants and woefully disregarding their wellbeing and safety
“Our private sector housing service are continuing to improve the standards in Camden’s private housing sector, empowering renters to take action and helping good landlords to run successful businesses

“Our message to landlords and letting agents is that we are here to work with you; to provide advice and assistance first of all and to ensure you can meet your obligations.”

Orignal Post from propertyindustryeye.com