Strict Standards: Non-static method PageInfoOperations::LoadPageInfoByContentAlias() should not be called statically in /home/rja/public_html/index.php on line 243

Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/index.php on line 376

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104

Strict Standards: Non-static method CMSModule::GetModuleInstance() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 125
Buy-to-let landlords 'hit harder' - RJA Properties: Lettings Agent Manchester
Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/prefilter.precompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104

Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/postfilter.postcompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104
Bookmark and Share   Print this page

Can't Find your Ideal Flat?

We can help you find the ideal flat for you. Simply enter your details below and we'll try and locate the best flat for you through many of our partners.
Strict Standards: Non-static method Events::SendEvent() should not be called statically, assuming $this from incompatible context in /home/rja/public_html/lib/classes/class.module.inc.php on line 2626

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically, assuming $this from incompatible context in /home/rja/public_html/lib/classes/class.events.inc.php on line 104
Your Name*
Your Email Address*
Phone Number*
Details:*

RSS FeedNews Feed

20 May 2010

Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/prefilter.precompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104

Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/postfilter.postcompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104
Home information packs (Hips) will be consigned to history, the Government has announced.
17 Mar 2010

Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/prefilter.precompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104

Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/postfilter.postcompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104
Estate agents should be subject to the same levels of regulation as letting agents, it has been been stated.
22 Jan 2010

Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/prefilter.precompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104

Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/postfilter.postcompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104
Thousands of Britons with holiday and retirement homes in northern Cyprus face eviction after the Court of Appeal upheld a decision that a British couple must surrender disputed land.

Buy-to-let landlords 'hit harder'


Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/prefilter.precompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104

Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/postfilter.postcompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104
Buy-to-let landlords are losing their properties at over three times the rate of other homeowners, research shows.


Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/prefilter.precompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104

Strict Standards: Non-static method Events::SendEvent() should not be called statically in /home/rja/public_html/plugins/postfilter.postcompilefunc.php on line 84

Strict Standards: Non-static method Events::ListEventHandlers() should not be called statically in /home/rja/public_html/lib/classes/class.events.inc.php on line 104
Council of Mortgage Lenders figures show 1,700 buy-to-let properties were repossessed by lenders in the first three months of this year.

But landlords lost 4,100 properties when cases of lenders appointing a receiver of rent are included.

A receiver of rent collects rent on behalf of a lender when the landlord defaults on the mortgage.

The recession is also making buy-to-let mortgages much harder to come by.

As the downturn bites, lenders are appointing more receivers of rent.

In this process, a tenant is allowed to remain in a property instead of losing their home.

It also gives the lender time to decide what to do with the property, whilst offsetting the mortgage interest against the rent. That in turn can help reduce the arrears faced by the landlord.

In the first three months of 2008, there were just 300 receivers of rent appointed, compared with 900 repossessions.

In the first three months of this year 2,400 receivers of rent were appointed - an eight fold increase and far more than the number of buy-to-let repossessions.

This mean that 0.35% of buy-to-let properties were taken back by lenders - more than three times the

rate in the owner occupier markets where 0.11% of mortgaged properties were lost.

Many landlords got into trouble after paying too much for buy-to-let flats.

Estate agents talk of investors buying places which they hadn't seen, or which hadn't been built yet in a desperate race for property riches.

But for many that race has been well and truly lost.

Rents have often not lived up to expectations, and landlords have struggled to pay the mortgage.

And with falling house prices - which have often hit city centre flats especially hard - many could not afford to sell either.

The situation has been made more difficult by lenders getting tougher over mortgages, with buy-to-let loans particularly badly affected.

Figures from the financial comparison company, Moneyfacts, show at the peak of the boom in September 2007 there were 3,662 different buy to let mortgages available.

Last month there were just 218 - a fall of 94%.

And those mortgages that are available need bigger deposits.

At the beginning of last year it was easy to get a buy to let mortgage with a 15% deposit. Now borrowers need a 25% deposit to have any chance.

All of this is hitting the number of buy-to- let mortgages taken out. In the first three months of this year there were 22,400 new buy to let mortgages.

Even if the decline halted and each subsequent quarter were the same that would mean a total of 89,600 new buy to let mortgages being taken out in 2009.

Compare that with the height of the boom two years ago - when 346,000 buy to let mortgages were snapped up in just twelve months.

BBC News

 
Bookmark and Share