BTL shortage spikes as ageing landlords sell up: Hamptons

Around 140,000 landlords sold their buy-to-let properties in 2022, with 96,000 more set to reach retirement age this year, according to estate agent Hamptons. The figure accounted for 73% of all sales by investors last year, and a further peak of sales is expected in the next five years.

TMW cuts rates by up to 0.50%

The Mortgage Works (TMW) is cutting rates on selected buy-to-let (BTL), limited company, HMO, and let-to-buy mortgage products by up to 0.50%, effective from 19 April. The reductions include a new two-year fixed-rate BTL mortgage at 3.69%, down by 0.30%, and a five-year fix at up to 75% loan-to-value (LTV) at 4.19%, a reduction of 0.50%.

Santander cuts resi and BTL rates by up to 20bps, loosens criteria

Santander is to reduce buy-to-let rates by up to 20 basis points for new customers, and residential lifetime tracker rates will be cut by 30bps. The bank has also loosened its affordability criteria for residential secondary income and BTL loans.

Private Banker Finance launches HNW mortgage club

Private Banker Finance has launched a mortgage club for high and ultra-high net worth clients, offering access to a panel of over 30 private banks and family offices. The firm says this market remains largely uncatered for outside of London, where many clients’ wealth means their income streams and tax arrangements are complicated and not compatible with high street lenders.

Spectre market report finds ‘now is the ideal time to move’

Spectre’s Q1 market report reveals that more house prices are being reduced, agreed sales are declining, and properties are taking longer to sell. However, Spectre sees this as a return to normal conditions, and that now is the ‘ideal time to move’. The report states that the market is still healthy, and for those with the right skill set, it will prove no challenge. The report predicts a 2.3% decline in new listing levels for Q2 compared to last year.

Scotland plans to double council tax on second homes

Councils in Scotland will be given powers to charge up to double the full rate of council tax on second homes, under proposals from the nation’s government.   Scottish First Minister Humza Yousaf, who announced the move at the Scottish Trades Union Congress on Monday, said the move will help increase housing availability.  

‘Green shoots’ evident as spring optimism fuels housing market: OnTheMarket

Spring optimism is in the air as buyer and seller confidence increases, according to latest data from OnTheMarket. With 71% of active buyers confident of making a purchase and 63% of sellers confident of securing a sale in the next three months, the ‘green shoots of the housing market are increasingly evident’, says the report.

Over half of landlords fear EPC upgrades could force them to exit

Almost two-thirds (59%) of landlords believe they may have to sell up if forced to make EPC upgrades – in line with the new minimum energy efficiency standard (MEES) regulations. This is according to new research from Mortgage Advice Bureau, which shows that a quarter (25%) of landlords surveyed wouldn’t be able to afford the changes, while a third (34%) would likely sell their property instead of upgrading it.

Lloyds launches one-off payments system that arrives ‘in minutes’

Lloyds Bank has launched a quick one-off payment system where a payee’s bank details are not known, which means that these beneficiaries can “receive the funds within minutes” instead of three working days. The high street bank says its paperless PayMe service means that companies do not have to manage account information, or register one-off suppliers.

Product transfers on rise as low fixed-rate deals end: UK Finance

Product transfers are growing in popularity with 87% of remortgagers choosing to stay with their existing lender rather than move elsewhere, according to latest figures from UK Finance. The trade body reports that this is up from 80% in 2021 and 73% in 2019.