LETTINGSnews
OLYMPIC LETS Haus hosts Olympic seminars
Fulham based estate agency, Haus Properties, is hosting a series of informative Olympic
rental seminars throughout March and April to educate homeowners about letting their property. London 2012 has 22 different
London Olympic venues stretching across the city, from tennis in Wimbledon to archery in St John’s Wood, so homes around the capital may be able to profit from the games – not only those located near the East London site. Haus Properties’ research found that on average, a double room in a South London hotel will triple during London 2012, costing approximately £3,000 per week, so it may make sense to rent as the average cost of a one bedroom apartment will be £1,500. Jamie Lester, head of
Haus Properties, says, “We
have had an increasing amount of enquiries about Olympic lets, primarily from homeowners looking to have their properties valued to see if they can benefit from Olympic tourism. However, there are lots of things to bear in mind when considering letting, for example, mortgage terms insurance policies and the tax man. These are just a few of the issues we will be addressing in the seminars, as well as looking at the plus side of how home owners can cash in!”
BUY TO LET
Buy to let rock solid at 80 per cent LTV
There are now six mortgage lenders offering more than 20 buy to let mortgages
with LTVs up to 80 per cent, according to data from Mortgage Flow, Mortgages for Business’s buy to let mortgage sourcing tool. From December 2008 to
May 2010 the highest achievable LTV for a buy to let mortgage was just 75 per cent. The first sign that the tide
was about to turn came from The Mortgage Works on 9th May 2010 when it introduced a limited range of products to 80 per cent LTV. Investors then had to wait another nine months for
another lender to do the same. On that occasion the entrant was Kensington who introduced a solitary product to a headline hitting 85 per cent LTV. However, Kensington has since withdrawn from buy to let lending.
The six lenders that now
offer 80 per cent LTV or above are Kent Reliance Banking Services, Saffron Building Society, Leeds Building Society, Aldermore Mortgages and Clydesdale Bank. David Whittaker, managing
director at Mortgages for Business, said, “This is great news for
landlords and investors and demonstrates the growing confidence of lenders in this important sector who can see that buy to let is more profitable than homeowner lending.”
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50 MARCH 2012 PROPERTYdrum
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