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mollyharrisuniverse-blog · 2 years ago

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Tax factors to consider when getting a buy-to-let-mortgage

Top 5 Tax Factors to Consider While Applying for A Buy-To-Let-Mortgage

Despite Brexit and the Pandemic hit loss, the UK is still encountering an all-time high inflation rate. With property prices rising, mortgage rates are too touching the sky.

When you buy a property aiming for investment, searching for quotes for a standard mortgage would not work in this case. Instead, you will need to explore the best buy-to-let mortgages.

Buying and investing in a property is still an attractive proposition for landlords visualizing long-term returns. Many young investors share a vested interest in it. Not only investors but online mortgage brokers in the UK are also exploring different ways to attract customers to a buying-to-let mortgage.

What Are Buy-To-Let Mortgages?

These mortgages are for those landlords looking forward to buying property at promising rates to rent it out. You may be interested and get a buy-to-let mortgage in the following cases:

1. You are willing to invest in new flats for rental purposes.

2. You are familiar with and willing to take real estate risks.

3. You are a homeowner with or without an outstanding mortgage.

4. Your earnings exceed £25000 a year. If you earn less than this, qualifying for the mortgage may become difficult

5. You should be below 75 years when the loan term ends. The mortgage loan term is 25 years.

If you are new to this and exploring quotes, use Lloyd’s bank mortgages calculator for first-time buyers.

It will help you understand the total funds you can borrow, interest rates and repayment terms as per affordability.

To get a mortgage on the investment property, borrowers have to pay at least 25% of the property’s value upfront as a deposit. The bigger the deposit, the better will be the interest rate. While assessing the borrower’s affordability, lenders analyse the previous history of buying-to-let properties.

What is Buying to Let Mortgage Rates 2022?

In April 2022, the rate of buy-to-let mortgages had an interest rate of 3.38%.

Apart from this, the Government introduced changes to residential property mortgages. Under this, individuals have to comply if:

1. A UK resident rents residential property in the country or overseas

2. Non-UK resident renting a property in the UK

3. Individuals renting residential properties in partnership

4. A trustee liable for income tax profits on residential properties Thus, residential landlords with finances are the most affected by these changes. Hence, online mortgage brokers and owners must be familiar with top tax factors while applying for a Buy-to-let mortgage.

Top Tax Parameters to Know Before Applying for Buy-To-Let Mortgage

Despite rising mortgage rates in the UK, there is an increased shortage of homes. If you are considering buying a property in the future or now, you must be familiar with some “buy-to-let mortgages” tax factors. Here are some taxes that you must be aware of:

1) Stamp Duty Land Tax (SDLT) - It is a tax that landlords must pay if buying a property or land in England and Northern Ireland. The tax differentiates in terms in cities like Scotland and Wales. The home buyer pays the SDLT, not the seller.

The Buy-to-let owner has to pay the tax to HMRC within 30 days of purchase. In addition to this, if purchasing a second property in England, there is an additional 3% surcharge that applies to the property price.

2) Capital Gains - If you are preparing to buy a property in the form of buy-to-let, you must be familiar with capital gains tax.

Under this, basic taxpayers will pay 18% of the gains they make by selling the property as rent. High-bracket taxpayers pay 28% capital gains on the property. As per the 2019-2020 statistics, you can make tax-free capital gains of up to £12000. Earlier it was £11,700. Couples owning the property jointly, combine the allowance and earn a whopping capital gain of £24,000.

It is possible that you can offset some costs when you buy a property and any charges associated with it. Are there any capital improvements that you would like to improve? List those too. However, you cannot deduct outgoings on the upkeep property and interest on the mortgage.

3) Income Tax - The income a landlord receives from rent is taxable. For this, the lender has to report it by filing a Self-Assessment Tax return. A landlord has to pay the tax according to the rental income. Some offset expenses include property repairs, maintenance costs, council tax, insurance premiums and agency fees. One can relish tax relief on mortgage interest costs and loans used to purchase property for investments. It is restricted to certain tax reliefs.

4) Annual Tax on Enveloped dwellings - It is a tax levied on the UK property owners for properties that are valued at over £500,000. It originated in 2013 at £2 million. The value at which this tax applies gets refused over subsequent that have considerably fallen under the bracket.

Entities liable for this includes firms with interest and partnerships with multiple companies. There are many benefits that landlords can exercise under this. It is especially true when the landlord rents out the property. He has to submit ATED (Annual Tax on Enveloped Dwellings) every year.

5) Inheritance tax - An inheritance tax is a tax imposed on an individual who has inherited the property after the father’s dismissal. The normal inheritance tax rate in the UK revolves around 40%. It is charged on the property valued above £3,50,000.

One does not have to pay the tax if the home value is below £3,50,000, you leave everything to your partner or civil partner, and you leave everything above the threshold to an exempt beneficiary. It may include charity or sports clubs. If you give your home to your children or grandchildren, your property threshold may increase to £5,00,000.

Bottom Line

Thus, property taxation is a complicated idea and requires detailed expertise. If you are a landlord looking forward to investing in Buy-to-let properties, these are some tax implications that you should be aware of. Check the eligibility and guidelines while filing for any tax here. It will help you get a better hold over things.

Source : https://mortgagebrokerinformation.weebly.com/blog/tax-factors-to-consider-when-getting-a-buy-to-let-mortgage

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claimtaxuk · 3 years ago

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COBAN SOLUTIONS LIMITED|REFUND MY PBA|RECLAIM MY PBA|PBACLAIM

WHAT ARE PBA CLAIM?|PBA EXPERTS|PBA CHEAKERS|BANK-REFUND PBA|HOW I APPLY FOR MY MISSOLD PBA?

Packaged Bank Accounts (PBAs) claims have increased?

Customers are desperate to save and recover money from wherever they can. Packaged Bank Accounts mis-sold by high street banks is one such avenue where people are turning to, to try and recuperate their money.

What are PBA Claims?

Packaged Bank Accounts (PBAs) are products offered by banks. They are called Gold, Platinum and Ultimate accounts. They provide benefits like breakdown cover, travel insurance, mobile phone insurance. Hence, they are not free banks charge their customers monthly fee which could range between £5 to £30.

However, more than quarter of PBA was mis-sold by banks. In some instances, instead of asking customers if they wanted the package, some banks sold to all the customer who hold accounts with them and start charging them monthly fee. This goes against the regulations and rules set by financial Conduct Authority.

Therefore, if customers feel that if any injustice has been done to them - forced to buy, not given a choice to opt out and feel a PBA was imposed on them then it could possibly be a PBA was mis-sold to them. Customers may have the right to claim their PBA money back.

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What are some benefits of Packaged Bank Accounts?

Every bank differs from what benefits they offer on PBA accounts. Some offers include:

· Reduce rates on credit card

· Reduce rates on personal loans

· Reduce rates on overdraft

· Cinema tickets

· Events or attraction tickets

· Travel insurance

· Mobile phone and gadget insurance

· Break down cover

· Extended warranties

· Loyalty rewards

· Fraud protection

What is wrong in getting these benefits with PBA?

Its only good if you could utilize those benefits. Imagine a person who doesn’t do any air travelling and still had to pay travel insurance every month. Lot of these benefits are not useful to customers, but they are still getting charged by banks. Recently, customers have realised these unnecessary payments and have started claims. It is reported and forecasted that PBA claims continue to rise.

Lloyds bank: You could be owed £1,000s in compensation if they mis-sold you a Packaged Account!

In early 1990s Lloyds use to offer free bank accounts and also some fee based accounts which offered few benefits like reduced rates on overdraft facilities. But as they saw potential to make more money from people they introduced PBA and converted free accounts to payed accounts. As each bank has millions of customers you could do easily calculate £20 on average multiplied by 5 million. This brings considerable amount of money to Lloyds and other banks involved with PBA.

The following statements are relevant to you if Lloyds bank have mis-sold you Packaged Bank Account:

· Lloyds Bank upgraded my Packaged account with added fee

· Lloyds Bank didn't explain the cost of the packaged bank account to me.

· Lloyds Bank didn't explain that the Packaged account was optional.

· Lloyds Bank didn't explain all the features of Packaged Account.

· Lloyds Bank told me that by having a packaged bank account, I would have a greater chance of being approved for other finances like overdraft, loan, mortgage.

· Lloyds Bank didn't ask me if I had insurance cover elsewhere (Breakdown Insurance, Home Insurance, Travel Insurance, Mobile Insurance etc)

Moreover, some customers may have had pre-existing medical conditions or pre-existing insurance with other companies. This makes Lloyds Packaged Account questionable as a customer already had insurance somewhere else.

How to claim Lloyds Packaged Current Account?

1. Find a reputable company who could help you claim your money back: pbaexperts.com

2. Complete Packaged Bank Account claim form

3. Pbaexperts.com will assess and give you a update via email,sms,call or a letter via the post and keep you notified of an update

4. Pbaexperts.com will update you on the Banks Final Response

If you feel Lloyds bank has mis-sold you a Packaged Bank Account then instigate you claim with pbaexperts.com.

If your Packaged Account claim is

successful what are you eligible for?

1. Refund of premiums from Lloyds Bank that you paid for the package current account.

2. Compensation interest at the rate of 8% per annum on the refunded premium.

What are some reputable companies to start your Packaged Bank Account claim?

Pbaexperts.com is a highly reputable and experienced company who is known for various successful claims for their clients. Recently they were successful in claiming as much as £5209.65 for their clients. https://pbaexperts.com/

Do I have to do all the paper work to apply for PBA claim with PBAExperts?

No, Pbaexperts.com will do all the paper work for you and apply your claim application to the bank. You just have to sit and relax to hear back from Pbaexperts.com

What happens if my claim is unsuccessful, do I still have to pay to PBAExperts.com?

No, you don’t have to pay a penny to Pbaxperts.com if your claim is unsuccessful.

How much and do I have to pay from my own pocket if my PBA claim is successful?

You don’t have to pay from your own pocket. If your claim is successful Pbaexperts.com will charge on amount refunded from your bank - which is 30% plus VAT.

What are other Banks who mis-sold Packaged Bank Accounts?

Halifax Packaged Bank Account claim https://pbaexperts.com/

Yorkshire Packaged Bank Account claim https://pbaexperts.com/

TSB Packaged Bank Account claim https://pbaexperts.com/

Barclays Packaged Bank Account claim https://pbaexperts.com/

Bank of Scotland Packaged Bank Account claim https://pbaexperts.com/

Halifax Packaged Bank Account claim https://pbaexperts.com/

Natwest Packaged Bank Account claim https://pbaexperts.com/

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jamieclawhorn · 6 years ago

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How much debt is too much?

Debt can be a useful means of paying for a variety of outlays, such as a house, car and other items which are necessities for some people. In many cases, debts are kept to manageable levels and are paid back on time and in full.

In other cases, though, debt can become a major challenge for consumers. People may find it difficult to repay the full amount or even to service the interest costs associated with it. And while there may not be a universal level of debt that is ‘too much’, it is possible to give a guide as to whether an individual’s debt is becoming unaffordable given their personal circumstances.

Debt-to-income ratio

One means of determining whether an individual has too much debt is to calculate their debt-to-income ratio. This is a simple calculation that provides a guide as to whether a specific amount of borrowing and expenditure is affordable given an individual’s income. Debt-to-income ratio may prove useful in providing a rough estimate of whether indebtedness could become a problem in the future.

The debt-to-income ratio is calculated by adding up all debt repayments and interest payments per month, such as mortgage costs, credit card payments and car payments. The total figure is then dividend by an individual’s monthly gross income (i.e. before tax deductions) to arrive at a decimal figure. This is then multiplied by 100 to give a percentage, which equates to an individual’s debt-to-income ratio.

For example, if an individual has total debt payments of £1,000 per month and earns a salary of £2,000 per month, their debt-to-income ratio would be 50%.

Although the figure that suggests that an individual’s debts are too high relative to their income is subjective, generally a ratio of more than 40-45% is considered relatively high.

Seeking out help

Of course, it may be more relevant for some individuals to consider how they manage their finances rather than focusing on a statistical measure. For example, someone whose debt levels are constantly rising or who is struggling to make the minimum credit card repayments each month may have too much debt for their personal circumstances. Likewise, such a person may be borrowing to fund everyday expenses, and the cost of servicing the debt may be taking up a large chunk of their monthly after-tax income.

Individuals finding themselves in such a situation may want to seek expert advice on how to manage their debt. Products such as a balance transfer card may provide breathing space that enables an individual to put their finances in order, for example. Similarly, putting in place a realistic budget each month may help to reduce debt and rebuild an individual’s credit score in the long run.

Takeaway

Ultimately, there is no specific figure that provides a clear line as to when debt levels have become excessive. The amount of debt that is too much depends on an individual’s personal circumstances, although the debt-to-income ratio can provide guidance. So too can factors such as whether debt levels are constantly rising, and how easy it is to make repayments each month.

As ever, debt can be helpful when used appropriately in order to fund the purchase of large items such as a house or car. But it is all too easy for debt to rise to unmanageable levels. Taking action now to ensure debt levels are not too high could, therefore, be a shrewd move.

Balance transfer credit cards can be one way to get some breathing room to pay down debts. We've compiled a list of top balance-transfer cards.

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My friend has been stopped by the police for driving an uninsured car. He borrowed the car from his friend while his friend was away, and his friend is an uninsured driver, my friend did not realise he was driving an uninsured vehicle as he believed his friend had insurance. He does not own a car, do you have to have insurance to drive a car and the police are telling him he has to go to court and pay fines,-is this right?""

Motorcycle insurance and licensing.?

I'm going to get a motorcycle, I'm wondering how much it will cost me to get a Class 6 license in BC, Canada, while I don't have one for cars. And also, how much do you think I will pay for insurance? Just the bare minimum, to keep me legal? Thanks...""

How soon do I need auto insurance after getting my Driver's License?

I'm going to be getting my Drivers License for the first time in a week (I am 16), and I was wondering how soon after I get my license do I need to have auto insurance to drive legally? I'd like to be able to drive the day I get my license, but my parents don't want to add me to their insurance plan beforehand with the possibility of me failing the exam. Is their any kind of grace period that allows me to drive the day I get my license so I can wait until after I complete the test to purchase insurance?""

Is minimum coverage car insurance the same as an SR22?

In Tennessee, is minimum coverage car insurance the same as an SR22? I already have minimum coverage but am now required to get an SR22. Is this something that needs to be added on or will minimum coverage suffice? Thanks.""

Health insruance for the umemployed?

I'm actually employed but theres no insurance....Are there any insurance companies that I could get with, keeping in mind that I already have health problems......You know most insurance companies wont even write because you have problems already, are there any that will???""

What car insurance company has the policy that you insure on person but anyone can drive it and be insured?

""I don't have health insurance, should I get AFLAC?

My company sent an AFLAC representative to us today. I heard it was supplemental health insurance and it costs $35/month for accidents and sickness. I don't have any insurance at ...show more

Cheapest car insurance for a newly qualified driver?

I can add mom/dad/anyone.. small car, who is the cheapest? can get it for 2.5k but thats just ridiculous....""

Low car insurance for new driver age 37 who has just passed. I live in the U.K.?

Can anyone give me advice where to get the cheapest car insurance in the U.K. I have just past my test and I am 37 years of age. I am looking to get a 1.3 engine. The chaepest quote I have recieved is 789.

Do i need car insurance?

i am turning 16 soon and i am wanting to buy a cheap truck that's about $1500. I wont be able to afford insurance since i will have to be on my own insurance plan and it would be about $200 a month. since i wont care about the truck if it gets damaged and since its so cheap i didn't know if their is a way i could just get like liability or something? also I live in missouri. Thanks

""Can I drive without insurance, if the car itself is insured?""

It's my dad's car. The car is insured but i am not, as in. I use to be on the same policy as my dad, but now i am off of it due to money problems. But the car I drive is insured under my dad. Is it legal to drive it? (CA)""

Uninsured Motorcycle Driver Question?

Recently a friend of mine wanted to purchase a motorcycle that he found a super great deal on. Because his credit is very average he asked me to purchase the cycle and he would make me payments plus interest. I agreed and took out a loan for the bike. However a few weeks later he decided it would be ok to take the bike out for a spin UNINSURED. He had a run in with several trick or treaters and their parents. Since it was an unlit road, they were in the middle, and he was going under the speed limit. The cops ruled it not his fault. However now two insurance companies are coming after me to subrogate the liabilities. Since he was the driver but I am the owner. What are my rights? Can they still blame him? Am I liable?""

Insurance would cost for 21 male?

how much would it cost me if i get liability not full coverage ... i havnt bought a car as yet but im thinking of buying 95 accord 4 dr or 96 maxima ... just curious to know what my insurance would be...

How much does it really cost to own a Porsche 911 Carrera 4S in California? MSRP is...?

...$88,400. What other costs are there? http://www.porsche.com/usa/models/911/911-carrera-4s/ I am trying to own one of these. Just wondering what's is in store for me (i.e. tax, ...show more""

The least expensive type of life insurance is _____.?

whole-life insurance term insurance endowment life insurance limited-payment life insurance

Which is the cheapest & best car insurance co for skoda fabia car in India?

Where can I get the best Auto Insurance Quotes?

My semi-annual auto insurance renewal is coming up. I've shopped before and I think I'm already getting a damn good rate, but still I'd like to try to get an even better rate. I've tried both Geico and Progressive, and both quoted me over $200 higher per year than I already pay. Any other good suggestions? This would be for coverage in California.""

We have dog insurance on the brain!?

So our precious Pit Bull has gone to the vet more times than I can imagine, since we brought him home. I don't even get to visit my doctor as much! Recently, we've decided to look into pet insurance for him. We do live on somewhat of a tight budget, so anything crazy in numbers wouldn't work. We need affordable insurance, if it's possible. And, is there any insurance that deals with pre-existing issues? Any personal experiences/advise would be GREATLY appreciated. Thank you!!!""

Do you NEED insurance for a motorcycle?

meaning can you get arrested with no insurance?

Car insurance away at college?

A friend of mine who is away at school with me (200 miles from home) said he gets reduced insurance because he is away at school without a car. However, he is always driving his girlfriends car. He claims that its OK for him to do this. This sounds a little fishy to me. He is getting the discount because his insurance company thinks he isn't driving, right? If he wrecks his girlfriends car is he covered? I am worried about being in the car with him. I don't want anything defaulted onto my insurance in the case of an accident if its just him and I in the girlfriend's car. Let me know what you guys think!""

Tateville Kentucky Cheap car insurance quotes zip 42558

What Dog breeds lower home owners insurance?

My hubby and I just bought our 1st home and heard that owning a certain type of breed of dog such as a German shepherd will lower homeowners insurance because its considered a good guard dog that can protect the home. I'm wondering if they're any more breeds that we can choose from since we're looking to add a dogie addition to our family. Thank you in advance!!

How can I buy life insurance policy on people?

I have a friend at work that was telling me that here in Texas it is legal to buy a life insurance policy on anyone you want. He says when the person you have insurance on dies you get a lot of money. I was just wondering if anyone on here knows how this works? Do I need the persons permission or what information do I need from them? I was thinking of getting insurance on old people that live in a retirement home a block from where I live and get rich out of it. I know some of you will think I am sick but I wouldn't mind if someone had insurance on me when I am older. So how can I go about doing this and what information do I need on the person?

Totally outrageous car insurance quote?

I had some issues paying my car insurance and it was cancelled. I called by ins company today to renew it. They told me they couldn't renew my policy but they have a buddy company that can give me an insurance policy. So they get all my info and they quoted me 730 dollars a month! I understand I have bad driving history and I let my insurance get cancelled, but that doesn't seem right at all, I was paying 100 dollars a month before. That doesn't even seem like a real number to charge someone for car insurance, it's more than I pay for rent!""

""Hit a mailbox, will cost $2,500 to fix, how much will my insurance go up?""

The other night i crashed into a mailbox. It was completely my fault and it will cost $2,500 to fix it. I was wondering how much my insurance premium will go up per year about? I am 20 years old and have gotten 1 ticket before.""

Insurance when buying a used car?

I'm going to buy a used car next week from a private seller and I am concerned about the insurance. I've heard that you need to have insurance to drive it but what should I do? I am 20 years old and I've looked up temporary insurance and most of them you have to be 21 years or older and some are around 200 for 1 day cover but you have to have a Full UK Driving Licence for at least 6 months when in my case, I've only had it since yesterday as I passed my test yesterday. So what should I do? Get the full insurance and tell them this cars registration number or not get insurance at all and assume I get 7 days free insurance when buying this used car from the private seller?""

Do i need insurance to title car?

do i need insurance in order to title the car to my name so i can sell it?

DO i NEED TO PROVE MY G.P.A. TO MY AUTO INSURANCE COMPANY BEFORE I RECEIVE THE DISCOUNT?

Has anyone had to show proof of their grades to get this discount. I know one of my friends did not. Do I have to send a transcript? an official one? Will the take my word on it? Which insurance company did you have that did require it?

Car Insurance?

I am planning to buy a used 1992 Honda Prelude for $2,700.00. How does the insurance work? Does the price of the car that I paid or the retail price, plays as a factor of how much I would have to pay monthly for insurance. What insurance company would be the best for a new driver with her G2 only? Does anybody have an idea of how much it will cost me (approximately monthly) for the insurance? What other fees or cost will I have to pay for?""

Should we keep health insurance or get rid of it?

anyone know the pros and cons of either getting rid of health insurance or to keep it?

How much would I pay for my yearly motorcycle insurance?

Thank you for your time. I am a 18 year old freshman university student living in Canada and I am really interested in buying a new motorcycle. I recently got my M1 and I will be going for my M2 next, so I am still kinda inexperienced. I looked at a few motorcycle websites and a couple of them read that motorcycle insurance is affected by age, experience, driving record, bike engine, etc. I figured that a medium sized engine probably wouldn't cost too much so I looked at a bike with 600cc. I am not worried about the initial cost of the bike since my scholarship money out-pays my tuition and housing by an excess of $4000. Also, I have had no history of accidents in cars or anything. I was wondering, based on my history and my status, what would be a good approximation of the yearly insurance I would have to pay given that I am a student and I am looking at a 600cc bike? Any input is appreciated.""

How do I find affordable health insurance that covers sterilization?

My job doesn't provide benefits, but I'm tired of waiting to get Essure or a tubal ligation. Where can I find information about reputable insurance companies (that I can afford) that cover sterilization procedures?""

""My fathers paying car insurance for the car I drive, now moving?

My father pays car insurance but I'm moving will the payment go to me once I move with my car? How can I switch to my name

Someone hit my totalled car what will their insurance do to figure out how much to give me?

State auto insurance vs. state of registration?

I am currently working a temporary job away from home in another state not my permanent residence (I am living there for the term of the employment). While there I bought another vehicle and registered it in that state and when insuring it moved my other car to the policy not realizing this could cause a problem. Now on my first vehicle, which was registered in my home state, the home state has refused to renew the registration because it carries out of state insurance. However, I also don't own the first vehicle, it is owned by my parents who are a resident of my home state, I just use it and pay the insurance. So unless I am missing anything, It looks like I am basically going to be forced to register that vehicle in a state where I do not have residence or cancel my insurance policy and get insurance for only that vehicle through a provider in my home state. Is this it or are there other options? I'm confused because they let me renew last year even though I had the out of state insurance, but I had switched during that year so maybe they considered me part-time or something. I would like to avoid changing any state registrations for the time being, because this process is expensive and complicated between the two states in question. Someone told me the cheapest option might be to get a minimum liability policy on the car in my home state so they will give me registration, but I have never heard of that and I'm not sure if that is ok (having two insurance policies on the same vehicle)? I am not trying to play tricks or loophole anything here, I just want to figure out my options and get this done without costing me a lot of money or time.""

How do I get affordable health insurance for my son?

I was in between jobs last year so I had to put my son on medicaid. As soon as I found a job I let them know but they kicked him off of it anyways. The problem I am having is that my insurance at work don't kick in until November and he has to have insurance by then for doctors appointments, etc. I tried to get MC+ for kids but they make it almost impossible to get. I just was wondering if anyone knew of a place where I can get affordable health insurance for my son?""

Insurance for a 17 year old male?!?

Ill be turning 17 soon and ill be taking driving lessons. Ive been looking at car insurance for a 1.2 renault clio ( cheapest quote 5000) 1.1 citroen saxo(couldnt get a quote but when i did 14,000. Whats the best ways to get it cheaper. I also tried a 1.1 peugot 206 and still its around 7000. Thats for 3rd party fire and theft.""

Do i need car insurance?

well basically i cracked my sideview mirror and the plastic holding it is a little lifted from normal place.. if i went to an auto shop to fix it, would i need car insurance or could i just get it done and pay with cash?""

Do I have to have car insurance in wis?

I have a car that is old, ( a VW Fox to be exact) and i was wondering if i need to have car insurance for it? i use the car for nothing more than to drive to work and back, because of the amazing gas milage, but i was woundering if im going to get into trouble if im ever pulled over and dont have insurance. I live in WIS so keep that in mind. Any help would be welcome. thx ahead of time.""

Insurance for a 3 series BMW Convertable?

Does anybody know a good/cheap insurance company for a BMW 3 Series Convertable. I don't have any no claims as i have always driven a company car! Please please help!!!!

What's the average insurance coast monthly for a Lambo convertible?

Is it true that you MUST purchase health insurance?

So, President Obama says you MUST purchase health insurance or face fines by federal government. How do you feel about that? (Also, wondering how many actually care about their rights being trampled on by Obamacare.)""

How much content insurance do i need?

my insurance company needs an answer asap. we close in 2 days. small bungalow with finished basement, approx 2300 square feet in total. Master bedroom spare bedroom, office, rec room, kitchen, dining room, great room, full bath, 2pc & 3pc bath, 3 flat screen tvs, usual appliances, all rooms furnished modestly. Would $50,000 be enough?""

After a DUI how much does it cost for new car insurance if you are dropped by your old insurance company?

Insurance premium increase of 50%?

I had an accident with my RV that was about $1,200.00 on my side and very minor on the other vehicle. The accident was considered my fault and being 1 point and my first ever in over 32 years of driving. My insurance company now has increased my premium about 50%. I am in California and would like to understand the criteria for this increase. It looks like the company will recover the full amount paid in the next premiums. Where can one go to understand this? Thanks""

Car accident medical bills: Car insurance or health insurance?

I was in a car accident and went to an urgent care to get myself and son checked out. I used my health insurance to cover the medical costs. Is my car insurance supposed to reimburse my BCBS(Blue Cross Blue Sheild) health insurance? Or does my health insurance cover it? The car insurance company (progressive) totaled my vehicle and paid me $350 for our medical bills. Am I supposed to give that money to BCBS? I just dont want medical bills to come back to me later on down the road after settling. Also, what do I do if I am still in pain from whiplash? Should I go to a chiropractor, a doctor? Should I send Progressive the bill or use my BCBS? Any advice would be helpful.""

Tateville Kentucky Cheap car insurance quotes zip 42558

https://www.linkedin.com/pulse/ct-insurance-mark-martin/"

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petnews2day · 6 months ago

Text

Barclays Ups Rates As Hopes Fade For June Bank Rate Cut – Forbes Advisor UK

New Post has been published on https://petn.ws/NL07H

Barclays Ups Rates As Hopes Fade For June Bank Rate Cut – Forbes Advisor UK

Find out what’s happening with mortgage rates today and calculate monthly repayments across a range of different rates and deals. 10 June: Attention Switches To August Bank Of England Decision Barclays is increasing the cost of selected fixed rate deals by up to 0.2 percentage points across its residential purchase and remortgage ranges from tomorrow […]

See full article at https://petn.ws/NL07H #PetFinancialNews

#Pet Financial News

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mollyharrisuniverse-blog · 2 years ago

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How the level of your credit score impacts your affordability to obtain a mortgage?

Owning a house is ranked the highest on the ambition list of any individual. Having a house is not only a status symbol but also provides a sense of security. But buying a house doesn’t come cheap, and its cost can wobble any person’s financial health for many years.

However, the cost of housing never affected its need and demand. On the contrary, there is a huge demand for houses which is making its price reach a peak.

Here a mortgage offers great financial help in making the buying process easy. Many lenders are ready to give 100% mortgages for bad credit.

A home mortgage is the biggest ticket for many people. It helps in building the buying process easy. Buying a house is a costly attempt where without a loan, it is tough to move forward.

But the process of taking out a loan is not easy these days. The level of credit checks and financial gauging results in failure to procure a mortgage. This is fair on the lender’s part as they don’t want any default on loan.

Some of them are even more particular about the stability of the income, existing debts, and credit scores. Among the most important criteria for getting a loan is the credit score of an applicant.

What is a credit score? How does it play a vital role in getting financed on favorable terms?

The lender gauges your credit score whenever you opt for a loan or credit card. But what is it? A credit score ranges from 300 to 900. It tells whether you were good with your repayments in the past or ongoing debts. It includes the number and the total amount of your aggregate borrowings to date.

The amount you utilize in your credit card limit also impacts your credit ratings. You should use only 30 to 40% of the spending limit mentioned on the credit card to uplift your credit score. Also, having multiple cards or outstanding debts can lower your credit score.

A good score helps you in getting a mortgage at lower interest and other favorable terms. You can easily save money on the interest charged if you keep up your scores.

On the other hand, if your credit ratings have gone down, getting approval on a loan request is tough. Even if you get your loan approval, you will not get it on the manageable terms.

What breaks your credit ratings? How can you uplift it for better loan terms?

Following are the major components of your life that make or break your credit score.

History of payment

Your payment history comprises all the records of paying debts of credit cards, installment loans (a student or car loan), retail accounts, or other mortgages.

It also includes reports of bankruptcies, suits, liens, foreclosures, and pay attachments. If you skip or miss the payment of any of the above repayments, then you substantially hurt your credit score. But if you are prompt in paying the minimum amounts, then it mends the score.

Owed debts

This indicates what numbers of debts are piled up in your life and how well you are handling each one of them. If you have large debts outstanding, then it negatively impacts your score.

You should not exceed 30% of the credit card limit. Paying all the high liability dues on time will help you manage your debts. This will also improve your credit history.

Length of credit

The length of your credit means how long you have been using credit and how long you have it. If you have a good record of handling your credit, then it is considered healthy for your ratings.

Lenders will perceive you as a less risky borrower. You augment your chances of getting approval on a mortgage if you have been regular with repayments of your debts and followed a good repayment pattern. Then you will accelerate the process of obtaining a loan.

Nature of credit

This includes all the sorts of credit that you owe till now, including loans, credit cards, mortgages, and retail accounts.

If you have used your credit card to make a big purchase beyond your means, then it substantially hurts your credit ratings.

Enquires

If you are desperate to get a quick house mortgage, you applied with multiple lenders. It puts your credit score at risk. You lower your credit score, even more each time you send a credit enquiry.

A lender seeks such borrowing risk, and they often reject such applications.

Numerous debt

If you already have taken or planning to take debts when you already have piles of them, then it hits your score very hard. Applying for numerous credit cards at once can also break your score.

To conclude

An impressive credit score helps you meet your financial needs by tackling all the challenges with a loan, in particular when you consider of purchasing a house.

A house is one of the costliest possessions for anyone. The price of housing is soaring sky-high. Here without a financial backup, most individuals cannot make this purchase happen in their lifetime.

Among all the aspects, your credit score plays a significant role in deciding the future of your loan request. It shows your creditworthiness and indicates your past and current repayment behavior.

A mortgage taken on favorable terms will help you save money on the interest. Also, the associated repayments that will start right after procuring the loan will be comfortable each month. You can also roughly calculate the repayments with the Barclays mortgage calculator in the UK to know your affordability as well.

Purchasing a house is a significant financial decision. Therefore, make sure you don’t burden yourself even more if you have a bad credit rating.

You need to manage your credit well if you want to purchase a house. If you don’t have a good credit history, aim to improve it and apply for a mortgage. The higher the credit score, the better is your financial soundness.

Source : https://latestbusinesses.com/how-the-level-of-your-credit-score-impacts-your-affordability-to-obtain-a-mortgage/

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jackpwrightuk · 7 years ago

Text

M&S Bank launches mortgage range: how does it compare?

Marks and Spencer Bank has unveiled its mortgage offering for first-time buyers, movers and remortgagors, but how do its deals stack up?

The premium retailer with its banking arm has now entered the mortgage product market with fixed and tracker options for first-time buyers, home movers and remortgage customers.

Every mortgage purchased will result in a £25 donation to housing and homelessness charity, Shelter.

Here are the mortgage deals available:

First-time buyers

First-time buyers will receive £1,000 cashback, in addition to a free valuation. The product range includes two and five-year fixed rate deals, and a two-year tracker mortgage, from 60% to 90% loan to value (LTV), on terms of up to 30 years.

Sample rates include a two-year fixed rate, 90% LTV, 30-year term mortgage with a £995 fee. The cost to applicant including cashback is 2.09%.

A five-year fixed, fee saver, 90% LTV, 30-year term mortgage with no fees would come in at 2.62% including cashback.

A two-year tracker, 90% LTV, 30-year term with a £995 fee would stand at 1.99% including cashback.

It also unveiled details of a scheme to help up to four borrowers who will live in the property take out a mortgage together which could work for a group of friends or family members wanting to take their first step on the property ladder.

Remortgagors

The product range includes fixed and tracker options and customers remortgaging with M&S Bank will have the option to borrow more, at the same rate and term as the M&S Bank mortgage.

This would give them a lump sum, which could be gifted to someone to use towards a house deposit. M&S Bank confirms that customers remortgaging to it from another lender will receive fee assisted legal service which covers the cost of the standard legal work required to remortgage from another lender.

Sample rates include a two-year fixed rate, 80% LTV, 30-year term mortgage with a £995 fee which comes in at 1.69% (2.09% on the fee-saver option).

A five-year fixed, 60% LTV, 30-year term mortgage with no fees is 2.19% (1.99% on the fee option).

Home movers

The product range includes fixed and tracker options, including a two-year fix, 60% LTV, 30-year term at 2.09% on the fee-saver (1.69% on fee option).

A five-year fix, 70% LTV, 30-year term is set at 2.29% for the fee saver and 2.09% on the £995 fee option.

How do the mortgage deals compare?

M&S has upped its game in the financial market, having consistently ranked highly in best buy tables for personal loans, credit and customer service.

Andrew Hagger of Moneycomms analysed the rates and said M&S’s first foray into the market shows positive signs, and the deals are competitive.

“The bank’s two-year fixed rate 90% LTV first-time buyer mortgage ranks either first or second most competitive in the market across a range of mortgages up to £250k.

“If you look at a £180k mortgage (30-year term) for example, the net outlay with an M&S Bank 90% LTV two-year fix is £16,147 over the initial 24 months – that’s £692 cheaper than Barclays, £1,840 cheaper than NatWest and £2,920 less than Lloyds Bank.”

However, M&S slips down the table for competitiveness on properties requiring a £400,000 mortgage. Yorkshire Building Society has a rate of 1.82% with a £995 product fee and £250 cashback meaning a first-time buyer will pay £35,401, compared to M&S’ £35,923.

For those first-time buyers taking out the M&S two-year fix on 90% LTV, with £1,000 cashback, free valuation and no product fee, the rate is 2.49% with the total net outlay over the two-year period at £36,896. However, there are seven cheaper alternatives – the top being from Yorkshire Building Society with its 2.19% rate, £0 product fee, £250 cashback and free valuation. The outlay over the two-year period would be £36,134, according to Hagger’s calculations.

On the five-year fix for first-time buyers (90% LTV), with a £995 product fee, £1,000 cashback and free valuation, the total net outlay over the five years is £43,195, meaning M&S is in poll position, beating the likes of Virgin Money, Barclays and Metro Bank.

Hagger said: “The combination of a competitive rate, fee and a market leading £1,000 cashback will make M&S Bank a popular choice for those looking to buy their first home.

“It’s good to see some extra competition in the residential mortgage space from one of the UK’s biggest brand names – hopefully it will put pressure on other players to keep pricing low.

“As with similar forays into mortgages by supermarket banks, Tesco and Sainsbury’s, based on these initial products it looks as if M&S Bank will give established lenders something to think about.

“It’s still early days, but if these rates are a sign of things to come then it can only be positive for cost conscious borrowers.”

This mortgage news is not the copyright of Trusted Mortgage Brokers – please click here to see the original source of this article. Author:

For the latest mortgage and remortgage news please check out https://www.trustedmortgagebrokers.co.uk/latest-mortgage-news/

Looking for a great mortgage or remortgage deal ? then contact a local mortgage broker in your area today at https://www.trustedmortgagebrokers.co.uk/

We’re also on: https://www.facebook.com/trustedmortgagebrokers https://twitter.com/trustedbrokers https://plus.google.com/114634525940403162124

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energysolutions · 7 years ago

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Detailed guide: Green finance has been published on Energy Solutions News

New Post has been published on http://www.energybrokers.co.uk/news/beis/detailed-guide-green-finance

Detailed guide: Green finance

UK support for low carbon innovation

Government is supporting private investment into sustainable projects and infrastructure. The City of London’s Green Finance Initiative was established in 2016 at the request of Government to promote the UK as a global centre for green finance. Government has supported the LENDERS project through Innovate UK which aims to improve estimations of energy costs for homeowners when calculating mortgage affordability.

Green Finance Taskforce

To build on the UK’s global leadership in the sector, BEIS and HMT will be co-hosting a Green Finance Taskforce that will bring together senior leaders from the financial sector. This Taskforce will work with industry to accelerate the growth of green finance, and help us deliver the investment required to meet the UK’s carbon reduction targets. The Terms of Reference will be published following the first meeting in late September.

Members of the Green Taskforce

Sir Roger Gifford (Chair), Representing the Green Finance Initiative

Nikhil Rathi, CEO, London Stock Exchange

Michael Sheren, Senior Adviser, Bank of England

Robert Trezona, Head, Cleantech, IP Group

Rhian-Mari Thomas, Managing Director, Barclays

Daniel Klier, Group Head of Strategy and Global Head of Sustainable Finance, HSBC

Edward Northam, Head of Investment Banking, Green Investment Bank

Charlotte Morgan, Partner, Global Energy and Infrastructure Group, Linklaters

Mark Zinkula, CEO, with Meryam Omi, Head of Sustainability and Responsible Investment Strategy, Legal and General Investment Management

Steve Waygood, Chief Responsible Investment Officer, Aviva Investors

Emma Howard Boyd, Chair, Environment Agency

Bruce Davis, Co-Founder, Abundance

Fiona Reynolds, Managing Director, Principles for Responsible Investment

Nick Molho, Executive Director, Aldersgate Group

Dr Ben Caldecott, Director, University of Oxford Smith School of Enterprise and the Environment

Dr Paul Fisher, Senior Associate, University of Cambridge Institute for Sustainability Leadership

Green Finance and Clean Growth

Government endorses the Task Force on Climate-related Financial Disclosures’ recommendations and encourages all listed companies to implement them. These recommendations aim to integrate the risks and opportunities posed by climate change into mainstream financial disclosures.

Government is working with the British Standards Institute to develop a set of green standards to provide clarity to financial institutions over the credentials of green financial products.

Government will also be working with mortgage lenders to support the development of green mortgage products that take account of the lower lending risk associated with more efficient properties and the reduced outgoings for customers living in more energy efficient homes.

#BEIS

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parezcomafalda-blog · 7 years ago

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Home designs are powerful symbols that you can use to make a statement about the world about who you are.

Home designs are powerful symbols that you can use to make a statement about the world about who you are english anime free Buildings have a long life span and will continue to communicate your statement to the world, long after you leave. House designs are also a feature of self-actualization. The first step to realizing your dream home plan is to contact an architect. Explain to your architect how you want your house to look. You can search on the internet for similar house images and floor plans. This will inspire you to enable your architect to explain exactly how to design your home. You can also explain to your architect what statement or symbol you may wish for your house to communicate through design. At this stage your budget will be important because it will determine the size of the house you will have. Mortgages are available from Housing Financing, KCB Savings and Loans, Barclays, Equity Bank, Standard Chartered, Stanbic or any other financial institution in Kenya. The architect will incorporate the design and symbols into a form and will work out functionality here. Functionality involves how spaces interrelate, eg. the kitchen must be close to the dining room, the bedrooms must be private away from the living room, the structure structure must be structurally sound and in accordance with the building code and all laws that will determine the construction of houses. By using 3-dimensional graphic design software like ArchiCAD, your architect must be able to offer the 3 D graphic display home for your recommendations and changes. This process will continue until you are satisfied with the house design. Your architect will print the house plan in A1 format and make 4 copies of the blueprint. He will submit the drawings to the relevant local authority in Kenya, in Nairobi, the city council. The Council goes through the drawings to confirm whether it complies with the Kenya Code of Conduct and thus be habitable. Once approvals are granted, usually after a few weeks, you can now move to the next stage: Construction. At this stage, your quantum calculator can generate quotas of quantities, ie an exposition of all materials and quantities used in the house and an estimated cost of construction per item. With this blank document [without the price component] you can invite several building contractors to build the house. With the help of your architect and quantity calculator, you can choose the best in terms of previous experience on similar construction and prices. After the selection, you contract with the contractor and your architect to supervise the contractor's work to ensure that he meets the design and the agreed quality and workmanship. Construction contracts in Kenya are available at the Architectural Association of Kenya Offices, Professional Center, Nairobi, Kenya. As soon as the contractor goes through the drawings according to the drawings, you can then move to your dream house and then live comfortably.

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evolutionproperties · 7 years ago

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Are you being stung by a mortgage laziness penalty? Borrowers who fail to remortgage pay £400 a year too much

Mortgage borrowers who are loyal to their lender are paying hundreds of pounds more than they would if they remortgage at the end of their deal.

Consumer watchdog Citizens Advice has slammed banks and building societies for not being upfront with homeowners about how much money they could save if they switched to a new deal instead of rolling onto their lender's standard variable rate.

According to the body customers are paying around £400 extra a year if they fail to remortgage - though the actual amount varies depending on the deal you were on and the SVR charged by your lender.

Customers are paying around £400 extra a year if they fail to remortgage

The research found that people who remain on the standard rate after a two-year fixed term mortgage deal face an average loyalty penalty of £439 a year.

The charity calculated that 1.2million people would be better off if they switched to a new deal - with one in 10 paying over £1,000 a year extra by staying on the standard variable rate.

First-time buyers, who typically have more debt and more time left on their mortgage, face paying an extra £1,359 a year once their two-year fixed deal expires.

The national charity also said older and poorer mortgage holders are more likely to be hit by a loyalty penalty.

Citizens Advice chief executive, Gillian Guy, said: 'Buying a home is a major life decision and borrowers taking out their first mortgage often spend a great deal of time working out the best option for them.

'Our research shows that many who choose fixed rate mortgage deals face steep price hikes once they expire. But two thirds of borrowers say their lender has never told them they could save money by switching.'

HOW MUCH ARE YOU OVERPAYING? Name of provider Standard variable interest rate Interest rate on a 2-year fixed deal for typical SVR payer Loyalty penalty for typical SVR payer Nationwide Building Society 3.74% 1.59% £702 Santander 4.49% 1.64% £666 Barclays 3.74% 2.35% £459 HSBC 3.69% 1.54% £441 RBS 3.75% 2.59% £260 Lloyds 3.74% 2.39% £186 Source: Citizens Advice

Guy said lenders 'must be more upfront' and called on them to provide their customers with clear information about what could happen to the cost of their loan once the fixed term period ends.

It's not the first time this practice has been challenged - earlier this year mortgage broker Trussle claimed loyal borrowers could save thousands a year by remortgaging.

Ishaan Malhi, Trussle's chief executive, said: 'While most mortgage borrowers understand that they need to consider switching when their initial fixed period comes to an end, so many are failing to do so.

'From our own research, we’ve found that there are a number of causes of this inertia, which the industry could address collectively. This is why we're also calling for industry action in the shape of a mortgage switch guarantee, mirroring the consumer benefits recently implemented in the energy and current account markets.'

For some people - who have less left to pay on their mortgage - it might be cheaper to remain on the standard variable rate, rather than pay fees to take out a new mortgage.

But Citizens Advice calculates that 83 per cent of people currently on a standard variable rate would be better off if they switched to a new deal.

The charity’s report also said there is low awareness of the problem - with 51 per cent of people on expired fixed term mortgages wrongly thinking they pay the same or less than newer customers.

ANALYSIS: WHAT'S GOING ON?

Sarah Davidson of This is Money writes: Customers being penalised for loyalty is high on the political agenda at the moment.

From April this year, insurers have had to start telling existing customers that they could save money if they shop around when their policy is up for renewal.

They've also had to start telling customers what they paid last year and what they'll be paying this year and for customers who have been with the same insurer for four years or more they must include this sentence in a letter: 'You have been with us for a number of years. You may be able to get insurance cover you want at a better price.'

If you've checked the box that says you don't want your lender to market to you, they're legally not allowed to promote their new deals to you after your mortgage deal ends

The annuity market is about to see similar changes. From March next year, when pension providers write to you at retirement they will have to explain in much more detail how different annuities work and warn you clearly that if you don't get an enhanced annuity, you could get a worse deal.

They'll also have to start telling you not just what annuity rate they'll give you, but also exactly how to shop around to get a better deal.

It's not clear whether the financial watchdog plans to adopt a similar approach for mortgage lenders but they are in the middle of a consultation with the industry and it's likely to be discussed.

The fact that Citizen's Advice has got involved in this debate is important because they have super complainant status with the regulator. This means that if they think customers are being poorly treated, they can force the Financial Conduct Authority to investigate immediately.

This is exactly what happened with payment protection insurance which has resulted in more than £40billion being paid out to customers in compensation following Citizens Advice submitting a super complaint.

The situation is different for mortgages though. Because a mortgage contract is long-term, you actually sign up to terms that say you acknowledge that the cheap introductory rate is only for a fixed period of time and that it's up to you to find another good deal when it ends or simply accept the SVR rate.

Your lender won't necessarily remind you when it's time to switch. Now, sometimes this is because they simply don't have to and they'll receive more interest from you if you aren't proactive in remortgaging.

But - sometimes they're not ALLOWED to. If you've checked the box that says you don't want them to market to you, they're legally not allowed to promote their new deals to you after your mortgage deal ends.

The regulation states that they're allowed to tell you that your deal is coming to an end and at that point they should be outlining your options including remortgaging to a new deal with them, going back to your broker to see if you should go somewhere else or reverting onto their SVR.

If you ignore this, you'll automatically go onto SVR and you'll typically only hear from them once a year when they send you an annual mortgage balance statement.

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jamieclawhorn · 6 years ago

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Buy-to-let products hit 12-year high! Is it time to plough into the rental market?

If you’re looking to get into the rental market, you may well find yourself spoilt for choice when shopping for a mortgage. According to price comparison expert Moneyfacts, there are some 2,162 buy-to-let products to choose from right now, the highest number since October 2007 when 3,305 mortgages were available.

Lenders are falling over themselves to grab a slice of buy-to-let despite the uncertainties created by the Brexit saga and the possible consequences of it on the British housing market. “It is encouraging that buy-to-let landlords have more mortgage choice than they have had at any time in almost 12 years,” Moneyfacts finance expert Darren Cook commented, noting that product numbers have jumped by 397 over the past year and by 706 since the same point in 2017.

Costs are rising

Whilst competition might be on the up, the fight amongst the UK’s banks and building societies has not made investment in the rental market any more cost-effective for landlords. As Cook commented: “It is also evident from our research that heightened competition to try and attract buy-to-let business has not resulted in a fall in interest rates, as has recently happened in the residential mortgage sector.”

The average rate for a two-year fixed-rate mortgage has edged both higher and lower over the past two years, but the current level of 3.12% stands at a premium to the 2.92% average seen around six months ago and the 2.96% witnessed in March 2018.

Meanwhile, the average rate on a five-year fixed-rate mortgage currently sits at 3.61%, up from 3.46% in September and 3.43% a year ago.

Dive in or stay away?

Rising mortgage rates are the last thing that proprietors need right now because of the stream of tax changes in recent years that have pushed up the cost of owning and letting out property, from an increase on stamp duty to 3%, to axing tax relief which allowed mortgage interest to be subtracted from rental income before tax was calculated.

Bigger payments to HMRC aren’t the only problem, though. There’s a galaxy of certificates and therefore additional charges that proprietors need covering everything from maintenance to safety, to the listing and management of their properties, extra costs that all add up.

The government now has a huge appetite for restricting the activity of landlords through extra costs and tighter renting rules. It’s been identified as a critical vote winner given the ocean of Britons struggling to get onto the housing ladder as a result of the country’s huge property shortage. So if you grab a slice of buy-to-let, you’ll to be braced for investment here to get a lot more expensive, as well as restrictive, in the years ahead as government policy evolves.

What’s more, you’ll need to be prepared for Bank of England interest rate hikes, possibly as soon as later this year, and a subsequent increase in mortgage costs. A possible house price dip as we have seen in London over the past year or so could be on the horizon as well to smack the value of your investment portfolio. All things considered, I think buy-to-let is far too complicated and costly to participate in today, and I for one would rather use my money to invest elsewhere.

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