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AUTUMN 2014
BUY-TO-LET INVESTMENT SUCCESS
Rich
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Maximise your
buy-to-let returns
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Remortgageorpurchaseupto80%loantovalue
Upto5BTLpropertiesonresidentialterms(unlimitedoncommercial)
CommercialoptionforHMOsandLtdcompanies
aldermore.co.uk/buy-to-let
0333 321 1001
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT
KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Registered Office: 1st Floor, Block B, Western House, Lynch Wood, Peterborough PE2 6FZ. Registered in England no. 947662.
INTRODUCTION
3
Welcome
A
warm welcome to B2L magazine. This issue has a firm focus on finance, with a number
of our features referring to details of the buy-to-let deals currently on offer. And there is a
good reason for this. Five years after it was set at 0.5%, Bank Base Rate is still at a historic low, and
many readers, customers of NRAM, Bradford & Bingley and Mortgage Express have been paying
very reasonable rates of interest on their borrowing for many years as a result. So there has been
little incentive for some borrowers to even consider moving to another mortgage deal and lender.
However, a number of borrowers have remortgaged away to new deals in that time. Some have
switched their mortgage because they wanted to extend their borrowing, which NRAM, Bradford
& Bingley and Mortgage Express cannot help with being closed to new business. Some have
remortgaged away as they needed new terms and conditions from a new
lender. In recent months, more and more have remortgaged to new fixed
rate deals. And it is for this reason that the latest issue has a focus on the
mortgages currently available in the buy-to-let sector.
Speculation about rising rates has reared its head periodically over the
past five years as you would perhaps expect – after all, in 2009 no-one would
have predicted that rates could remain static for so long. But never in that
time has the expectation of a rate rise had so firm a basis. The economy
is recovering and the Bank of England has indicated that Base Rate
will start to rise in the foreseeable future. For the moment, fixed rates
are priced attractively. But they could well start to rise ahead of the
markets’ expectation of a Base Rate hike. So locking into a low fixed
deal today holds strong appeal for landlords. Read on to find out more.
Paula John, editor
Editor: Paula John
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Contributing editors: Victoria Hartley, Angela Eastwood
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ISSN 1357-4353
No part of this magazine may be reproduced without the prior permission of
the publishers. While every care has been taken to ensure accuracy of editorial
content, no responsibility can be taken for any errors and omissions. The views
expressed in the magazine are not necessarily those of the publishers. Readers
are strongly advised to check information published with individual institutions,
and to take legal advice, where appropriate, before entering into transactions.
All interest rates are correct at the time of going to press.
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You may find advertisements throughout the magazine carrying a warning:
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your mortgage payments, you must contact your lender as soon as possible in
order to sort out the problem. PLEASE NOTE THAT NRAM, BRADFORD & BINGLEY
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CONTENTS
5
Contents
FEATURES
10
Seize the day
Remortgaging sooner rather than later could
make more sense than you think
14 Bigger, better, more buoyant
With the number of buy-to-let mortgages
growing strongly, we take a look at market
trends
16
Many happy returns
The buy-to-let market is still one of the
most attractive investments for landlords
19
Sound advice
Three market experts share their wisdom
with buy-to-let landlords
22
Take your pick
Extra lenders mean more options in the
buy-to-let market
24
How to deal with problem
tenants
We take a look at what options are available
when dealing with problem tenants
16
REGULARS
7
News round-up
A selection of the latest news
stories from the buy-to-let sector
27
Top tips
Investing in Houses of Multiple Occupation
28
22
Vital statistics
We round up the latest market data
30
Forum round-up
Vanessa Warwick picks up trending issues
www.b2lonline.co.uk
NEWS
7
News round-up
A selection of the latest buy-to-let market news
London rental yields lag
behind rest of UK
■
The London buy-to-let market
is providing landlords with
the lowest rental yield out of all the
regions in the UK, research from
BM Solutions published on 23 July
revealed.
The average rental yield in
quarter two (Q2) this year stood at
6.2% while rental yields in London
produced a lower return of 5.7%.
The most profitable regions
were the North West, North East,
West Midlands and Wales which all
produced yields of 6.4%.
Phil Rickards, head of BM
Solutions, said: “London has long
been seen as the centre of the rental
market with demand outstripping
supply and the shortest void periods.
“However, for the greatest
return looking further afield may
be just as attractive an option with
rental yields clearly higher out of
the capital.”
Of those landlords surveyed,
42% had seen rents increase in
the areas where they let over the
last 12 months, down 3% from
Q1 2014.
Following a similar trend, just
a quarter (26%) of landlords were
planning to increase rents across
their portfolio in the next six months,
down 2% from the start of the year.
Buy-to-let profitability remains strong
■ Buy-to-let landlords continue to
enjoy strong profitability thanks to
rising property prices, figures from
The Model Works have shown.
It said profitability remained
steady around the 12% level
during the last three quarters.
A landlord investing over a fiveyear period using a repayment
mortgage should expect a
compound rate of interest of
11.87%.
Landlords using an interestonly mortgage will receive a return
of 11.66%, The Model Works said.
Looking at a longer investment
period, landlords holding a
property for 25 years should
anticipate annual returns of
10.36% on a repayment mortgage
and 9.83% on interest-only. This
profit on a yearly basis would
represent a return of 10 times the
original investment.
“Our buy-to-let profitability
index shows that five-year geared
buy-to-let investors continue to see
healthy profits,” says Brian Hall
from The Model Works.
“After several tumultuous years
we can begin to take stock and look
at the key factors that will affect
future profitability. This will require
new profitability measures.”
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RBS introduces
cap on buy-to-let
mortgages
■ RBS/NatWest has introduced a
4.99 times loan-to-income cap per
application for all buy-to-let business.
The change to criteria was
introduced on 14 July.
A spokesman said: “As a
responsible lender, NatWest places
a strong focus on affordability and
measures to safeguard its customers.
This change of policy is being introduced to create greater consistency
between buy to let and residential
lending policy.”
The maximum loan-to-value
(LTV) for buy-to-let mortgages remains at 75% as does the maximum
loan size of £500,000. All other
criteria remain unchanged.
Lender completes
first P2P buy-tolet deal
■ Peer-to-peer lender Landbay
has successfully completed its first
buy-to-let remortgage on a property
based in the south of England.
A loan of £175,000 was
completed at 74% LTV by a
property developer-turned-landlord
who was looking to refinance. The
interest rate of 5.12% is fixed for
three years and is lower than the
reversion rate of 6.58% the owner
would have faced by remaining
with his existing lender.
8
NEWS
News round-up
AVERAGE RENTS
REMAIN STABLE
Rents only increased by 1.4% in the
year to June, and the proportion of
tenant arrears have fallen in that
time, according to the Buy-to-Let
Index from LSL Property Services plc
published on 18th July.
The average rent across England
and Wales stood at £747 per month
this June, up from £737 per month
in June 2013.
The 1.4% annual rise in rents
was below the rate of inflation (the
Consumer Price Index stood at 1.9%
in the year to June), but was twice
the rate of increase in earnings,
which was just 0.7%, according to
the Office for National Statistics.
David Brown, commercial
director of LSL Property Services,
said: “If rents had kept up with
inflation for the last 12 months,
this summer would have seen
the average rent break through
£750 per month. And that hasn’t
happened.
“With housing costs making
up such a big section of monthly
budgets, it will be encouraging
for many tenants that rents
are going up more slowly than
other household bills. Thanks to
extensive investment by landlords
the supply of homes to rent
has grown rapidly, and this has
restrained rent rises.
“But while the private rented
sector is becoming cheaper in
real terms, the cost of living
challenge continues. And this is
because wage growth has been
constrained.”
continued
Help to Buy scheme
saps rental sector
■ This government’s Help to Buy
scheme is directly responsible for a
fall in the number of tenants under
30 years old signing new rental
contracts, according to property
firm Countrywide.
So far in 2014, tenants aged
30 and under have accounted
for 42% of new tenancies signed,
down from 52% 12 months ago.
There are signs that a degree
of pent-up demand in the sales
market has now been released,
said Countrywide, fuelled by the
shortage of new-build housing,
particularly in London, the South
East and other major conurbations.
Low interest rates offered
by savings accounts, paying an
average of 1.17%, continue to
make the total returns associated
with buy-to let-investment
attractive against other investment
vehicles, said Countrywide.
Nick Dunning, group
commercial director, Countrywide,
said: “Over the medium to
longer term a lack of supply will
increasingly put landlords in a
stronger position to ask for, and
achieve, higher rents.”
Pension changes could boost buy to let
■Experts are predicting that
changes to pensions legislation
set to be introduced on 6 April
2015 could lead to a huge surge
in buy-to-let investment. Under
the new rules it is expected that
the over 55s will be allowed to
take all of their cash out of a
defined contribution pension, and
spend or invest it as they see fit,
rather than being forced to buy an
annuity with 75% of their fund.
David Copland, director of LSL
www.b2lonline.co.uk
mortgage services, said: “If people
no longer have to buy an annuity,
then there may be a temptation
to take control of their own
investments and consider either
entering the buy-to-let market,
or adding to a current portfolio
instead.
“They could feasibly use the
pension pot to put down deposits
on two or three buy-to-lets and
live off the rental income as a
pension.”
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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS
ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
Loans are subject to status and valuation. The actual rate available will depend upon your
circumstances. Ask for a personalised illustration. Mortgage Force™ is a trading style of Home Loan
Services Ltd which is authorised and regulated by the Financial Conduct Authority.
Buy to Let mortgages are not regulated by the Financial Conduct Authority.
10REMORTGAGING
Seize
the
day
It could make
sense to
remortgage your
buy-to-let deal
sooner rather
than later. Hilary
Osborne reports
W
ith the economy now
apparently back in good fettle,
unemployment down and house prices
having surpassed their pre-crisis peaks
in some parts of the country, there is
only one way for interest rates to go
and that’s upwards. How far and how
fast is unclear – although the Bank of
England’s governor, Mark Carney, has
stated rises will be gradual and limited,
no-one seems very sure when the first
rate increase will be. However, most
experts agree that the lowest mortgage
rates on record have been and gone, and
that borrowers who want to lock into a
bargain buy-to-let deal might want to do
so sooner rather than later.
Mortgage rates, particularly those
on a medium- to long-term fixed or
tracker rate, are not so much pegged
to the Bank Base Rate as to the money
markets’ expectations of how rates will
www.b2lonline.co.uk
stand in the future.
For this reason, they
are likely to start to increase
before the Base Rate moves. Judging
when this might happen is difficult, so
the best approach could be to grab a
good deal if you see one.
Fixed or tracker?
“Those taking a new mortgage are likely
to be looking at a fixed rate option to
lock in now and ensure that they know
where they stand whatever happens with
interest rates,” says David Hollingworth
of mortgage brokers London & Country.
“Tracker deals can be found at lower rates
but perhaps not with so much of a price
advantage to sway landlords.”
Lenders who offer both trackers and
fixed-rate mortgages currently tend to
be charging a lower interest rate on the
tracker for the same loan to value and
upfront fee. At The Mortgage Works
(TMW), for example, on comparable
two-year deals the trackers have rates
0.1 percentage points below the fixedrate loans.
The advantage of taking the tracker
is that you will benefit from a lower
monthly outlay in the short term which,
if there are any unexpected shocks to the
economy and interest rates are put on
hold again, could stretch out for longer.
However, the downside of a tracker
mortgage is that even a relatively small
increase in the Bank of England Base
OVERVIEW11
REMORTGAGING11
The advantage of a tracker is that you
will benefit from a lower monthly outlay
Rate from its current historic low of
0.5% could quickly wipe out any initial
saving. In the case of those TMW deals
it seems likely that just one move by
the Bank could be enough to make the
tracker the more expensive choice.
Although, unlike homebuyers,
landlords may have some flexibility to
move rents upwards to cover increasing
costs, this will not be an option for all. As
a buy-to-let property is a business, some
may also simply prefer to have known
fixed costs to cover each month.
Hollingworth says landlords with
more than one buy-to-let property could
consider hedging their bets with a range
of variable and fixed mortgages.
“Having an element of a portfolio
on fixed rates could be sensible especially
as rental income will not necessarily rise
in line with higher monthly payments
when rates increase,” he says.
Stuart Gregory, managing director
at Lentune Mortgage Consultancy, says
both trackers and fixed rate buy-to-let
mortgages can come with big fees, and
landlords should make sure they take
these arrangement charges into account
when they are comparing deals. On
large mortgages it can be worth paying
OLDER BORROWERS
The credit crunch led some lenders to restrict
maximum ages on mortgages, but the good news is
that the freeze on loans for older borrowers is starting
to thaw.
The Mortgage Works, which is part of Nationwide
Building Society, has done away with its age limit for
borrowers and replaced it with a rule saying that new
applicants must be 70 or under. David Hollingworth says
this means you can still be paying off your loan at the
age of 105 if you’re accepted for a 35-year term.
“Most lenders still have a maximum age of 75 as
a cut-off point, but a few can be more flexible,” says
Hollingworth. Principality Building Society has ditched
its maximum age, while Kent Reliance will offer loans
repaid before you turn 85. BM Solutions, the biggest
buy-to-let lender, has a maximum age of 75 at the end
of the mortgage term.
Stuart Gregory says he believes more flexibility will
arrive as changes to personal pensions, which will allow
retirees easier access to their retirement savings, draw
near. “I fully expect this area of the buy-to-let market to
evolve in the next 12 months, as lenders adapt to the
proposed pension changes,” he says. “It could be that
lenders seek out those pensioners looking to invest in
property by adjusting their lending criteria.” Even if you
don’t want to put more savings into buy to let, you could
still be a beneficiary of the pensions revolution.
www.b2lonline.co.uk
S 2013
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14
20
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mortgage
with the seal
of approval
r m or t g a g
e.
If you’re in the market for a mortgage, which companies should
you really be interested in? The Your Mortgage Awards have been
the stamp of approval for mortgage companies for 24 years.
The awards recognise those lenders that have delivered the
highest quality products and service to their customers
throughout the year.
Look out for the Your Mortgage Awards logo, and check out
yourmortgage.co.uk
REMORTGAGING13
Changing terms
CASE STUDY
Hannah Martin recently remortgaged a
three-bedroom home in Worthing which she
owns with her sister. “We bought the property
a few years ago and made lots of money
in the first few years, then remortgaged to
release some equity to buy a second buy to
let,” says Hannah. “When the market crashed
we got stuck with a poor loan to value but were lucky because the
standard variable rate we moved on to was actually lower than
the rate we had started with. We tried to remortgage a couple
of years ago but there wasn’t much choice and the fees on the
most competitive deals ran to thousands of pounds. Now there is
more choice. We realise that rates aren’t going to stay low forever
and we liked the idea of knowing how much it would cost every
month so we wanted a fixed rate.”
Hannah used an Independent Financial Adviser to find a
new deal, first applying to Accord, the specialist lending arm
of Yorkshire Building Society. The lender insisted on a lot of
paperwork – so much so that eventually they opted to apply to The
Mortgage Works. It offered them a three-year fixed-rate at 4.49%.
“We started the process in February and since then there has
been a lot more talk of interest rates going up. It is going to cost
us around £100 a month more at first, and there were the fees
too, but I can budget now – I know exactly what my income is and
what my repayments will be.”
Although the quotes above are from a real customer their name has been changed for
Data Protection purposes.
a big upfront fee to get a lower rate and
therefore lower monthly payments,
while on a small mortgage, paying a
slightly higher interest rate might work
out cheaper in the long run.
If you do opt for a tracker mortgage
you should make sure you read the
paperwork the lender gives you as this
should include details of how much your
monthly repayments would be if interest
rates were to rise by 1%. Make sure that
this is affordable before you commit to
taking a risk on a tracker rather than
going for a fixed-rate loan.
Another reason to remortgage is to
change the terms of your loan. If you
want to borrow more, to extend your
borrowing period or add someone else to
your mortgage account you may need to
find a new lender to take you on.
Hollingworth says many lenders will
consider applications from landlords who
want to add their children’s names to their
mortgage, for example, as long as the loan
meets their standard criteria. Lenders such
as BM Solutions insist that at least one
applicant must already own a home, but
that does not have to be true of all of the
borrowers, so an adult child could be added
even if they were not yet on the property
ladder. If they plan to live there, though,
you should take advice to help you source
a new loan, as many lenders have recently
pulled out of offering buy-to-let mortgages
where a family member is a tenant.
If you are in a part of the country
where house prices have recovered,
or even surpassed, the heights seen in
2007, you could be fortunate enough
to be considering releasing equity
from your rental property. This will
also require a remortgage as no new
borrowing is available from NRAM,
Bradford & Bingley or Mortgage Express.
Criteria
Rental income is still key to getting a
buy-to-let loan, with lenders usually
stipulating that this must be at least
125% of mortgage payments.
Deposits are also important, the
best rates are available on loans of
around 60% or less of the property’s
value. You will struggle to find a lender
if you are trying to borrow more than
80% loan to value.
TIME TO SWITCH?
If you are considering remortgaging to a new deal, why not visit the Dealfinder tool at bbg.co.uk or
nram.co.uk, or speak to your financial adviser. If you don’t have one, we can introduce you, free of
charge to mortgageforce™, who through their panel of brokers and approved product providers may
be able to help. These brokers can give you impartial, expert whole of market mortgage advice. To be
put in touch with a broker, please contact mortgageforce™ directly on 01332 258667.
www.b2lonline.co.uk
14
MORE CHOICE
Bigger, better, mo
T
he number and range of buy-to-let
deals available has been steadily
increasing since 2010, and markedly
in the past year. In fact in the past 12
months alone, buy-to-let mortgage
availability has increased by 39%. At the
height of the market in July 2007 there
were over 1,500 buy-to-let mortgages – by
early 2009 this had fallen to just 170.
The market began to improve in
2010 and by the start of 2012 there were
over 460 buy-to-let mortgages available.
Product numbers remained relatively
static during 2012 and 13, but since the
middle of last year there has been a jump
in the number of buy-to-let mortgages,
with 655 on offer by July 2014.
These are clear signs that lenders
see the buy-to-let mortgage market as
somewhere in which they can do business
once more.
60+ lenders
Since 2010 there were just 41 lenders
offering buy-to-let mortgages but this
grew rapidly; since 2011 there have been
around 60 to 65 lenders offering buy-tolet mortgages of some type. The providers
themselves have changed over the period,
with new entrants like Aldermore,
Metro Bank and Virgin replacing market
withdrawers such as Northern Rock,
Bradford & Bingley and Mortgage Express.
A large part of the growth in the
number of deals has been driven by the
emergence of companies like Precise
Mortgages and Paragon Mortgages,
offering wide ranges of products that have
offset decreases in the number available
from the likes of The Mortgage Works.
Dearth of high LTV deals
Despite the recent house price boom in
some parts of the country lenders remain
reluctant to lend at higher loan-to-value
(LTV) ratios.
Currently there are only a handful of
products available with LTVs in excess of
90% – six to be precise – and they are all
offered by the big banks exclusively to their
existing customers. There are five deals on
offer up to 85% LTV, and these are all offered
exclusively via intermediary Kent Reliance.
The majority of deals available are for
maximum LTVs of 60% and 75% and are
clustered around initial deal terms of two and
five years, for both fixed and variable rates.
The choice
of buy-to-let
mortgages just
keeps improving,
as Defaqto’s Brian
Brown explains
Interest rates competitive
Looking at the average interest rates charged
on the deals which are currently available it
seems the market is expecting interest rates
to rise in the medium term. There are very
good deals to be had for shorter initial fixed
or discount periods, particularly at lower
LTV levels.
For a two-year fixed rate mortgage with
60% LTV the average fixed rate deal is 3.24%
and the average variable rate is just 2.93%.
At the other end of the scale though for
80% LTV the five-year deals average 5.12%
for fixed rates and 5.52% for variable rates.
Pricing such as this would imply that the
market expects rates to rise sharply in the
coming years.
TOP 10 BUY-TO-LET MORTGAGE PROVIDERS
by number of products, July 2014
Mortgage Provider
No. of mortgages % of all mortgages
Virgin Money
54
Precise Mortgages
48
BM Solutions
47
Aldermore
45
NatWest Intermediary Solutions 44
Platform
36
NatWest
34
Royal Bank of Scotland
34
Accord Mortgages
25
Kent Reliance Banking Services 23
www.b2lonline.co.uk
7.6%
6.8%
6.6%
6.4%
6.2%
5.1%
4.8%
4.8%
3.5%
3.3%
OVERVIEW15
MORE
CHOICE
15
800
700
BBR DISCOUNT
600 FIXED
LIBOR STEPPED
VR
500
400
300
200
FIXED RATES PREDOMINATE
100
Given the low interest rate market, and the potential for rates to increase it is perhaps unsurprising that the majority
0
of loans available have been of the fixed rate variety. Throughout the period 2010-2014 around 60% of the products
Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14
re buoyant
were fixed rate, with 30% being trackers of various types and the remainder being variable rate or stepped products.
Average fixed rates by term & LTV
%
6.0
2 YRS
5.0 3 YRS
5 YRS
4.0
3.0
2.0
1.0
0
60%
Availability
Having lots of%products in the market
might seem6.0
good, but a key issue will be
YRSable to access these
whether borrowers 2are
YRS current mortgages
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614 of 3the
5 YRS
are available for customers seeking to
remortgage;4.0
472 of them are for new
property purchase, and only 126 of them
are restricted3.0
to existing borrowers looking
to remortgage with their existing provider.
So there is considerable choice out there
2.0
for the buy-to-let landlord.
The future1.0
As ever, predicting the path that the
0 will take is tricky.
mortgage market
Based on current trends60%
it seems we can
65%
70%
75%
80%
expect to see more and more buy-to-let
deals coming to market, giving landlords
even more choice when managing their
mortgage products to reduce their overall
costs. It seems unlikely though that
there will be any significant increase
in the numbers of mortgages available
at the higher LTV levels, even if house
prices carry on rising as they have been.
Therefore landlords looking to expand
their portfolios will need a relatively
hefty chunk of cash or equity to borrow
against, but the rates available to them
should be attractive.
Brian Brown is head of consulting at independent financial product research
65%
75% 11/07/14 80%
group Defaqto. All70%
data provided by Defaqto,
SHOP AROUND
If you are looking for a buy-to-let mortgage, why not visit the Dealfinder tool at bbg.co.uk or nram.co.uk or
speak to your financial adviser. If you don’t have one, we can introduce you, free of charge to mortgageforce™, who through their
panel of brokers and approved product providers may be able to help. These brokers can give you impartial, expert whole of market
mortgage advice. To be put in touch with a broker, please contact mortgageforce™ directly on 01332 258667.
www.b2lonline.co.uk
16OVERVIEW
Many happy retu
T
he buy-to-let market has recovered
strongly since the end of the
financial crisis. According to the Council
of Mortgage Lenders, between 2009
and 2013 annual gross lending within
the buy-to-let market grew by 141% to
£20.7bn (versus a 23% increase in gross
residential mortgage lending over the
same period – to £176.2bn).
This trend has continued in 2014.
During the first quarter of the year, the
buy-to-let market accounted for 13.7% of
total gross mortgage lending with £6.3bn
buy-to-let mortgages being advanced (an
increase of 54% compared to the same
period in 2013). Lending appetite among
mortgage providers is beginning to return
to pre-crisis levels which, from a customer
point of view, is positive as it drives a
greater degree of competition and choice
for potential landlords.
It is still worthwhile putting these
figures into perspective – that buy-to-let
lending remains less than half of its 2007
peak. However the future of the market
appears bright, with multiple factors likely
to support ongoing growth of the sector.
homes have actually been built each year
and annual house price inflation is now
11.1% – growing at its fastest rate for
seven years.
With Nationwide figures showing
that the average UK house price is now
more than £186,000 and over seven times
average annual earnings, affordability
remains a major concern for most
potential homebuyers. An improving
economic outlook means interest rates
are now expected to begin to rise either
towards the end of this year or early in
2015 and with the Mortgage Market
Review introducing a more stringent set
of mortgage affordability requirements
among all lenders, rental demand could
well be expected to increase.
The latest buy-to-let index from LSL
Property Services plc (LSL) shows gross
yields on a typical rental property were
5.1% in April 2014, and that in absolute
Investment potential of buy to let
terms the average landlord in England
and Wales has seen a return of £16,887
during the last 12 months (with rental
income of £8,057 and capital gain of
£8,830). Furthermore, according to LSL,
if rental property prices continue to rise
at the same pace as over the past three
months the average buy-to-let investor in
England and Wales could expect to make a
total annual return of 7.8% over the next
12 months, equivalent to £13,600 per
property.
With these underlying demand and
supply side factors likely to remain, the
investment potential for landlords is clearly
very attractive.
Strong tenant demand for rental property
has been putting an upward pressure on
yields. It is common knowledge that there
is a lack of housing supply in the UK, with
increasing demand a result of population
growth caused by both increased life
expectancies (for instance, the number
of males aged 75 and over in the UK has
increased by 26% since mid-2001) and
international immigration to the UK.
In 2007, to combat rising levels of
housing demand, the government set a
target of increasing the housing supply
by 240,000 additional homes per year by
2016. However, since then just 143,000
The buy-tolet market
promises to keep
improving and
offering attractive
investments for
landlords. Martin
Richardson from
Leeds BS reports
Lending appetite among mortgage
providers is beginning to return to
pre-crisis levels
www.b2lonline.co.uk
OVERVIEW17
rns
Risk
From a lender’s point of view, in terms
of risk, the buy-to-let sector compares
favourably against the owner-occupied
sector. Only 0.82% of buy-to-let loans at
the end of Q1 2014 were in arrears of
greater than three months, compared
with 1.71% of owner-occupied loans. The
decision made by the EU in April 2013 not
to regulate buy-to-let mortgages in the
same way as other residential mortgages
(exempting buy-to-let loans from the
Mortgage Market Review) means lenders
can continue to use rental income as a
means of assessing affordability.
Nonetheless, potential landlords
thinking of entering the market should be
aware that buy-to-let mortgages can be
more complex than standard home loans.
Landlords should therefore ensure they
are aware of the risks of making this type
of investment, and that higher interest
rates in the future would mean rental
incomes must remain sufficient to cover
any subsequent increase in mortgage
repayments.
The future is bright
£50m
£45m
£40m
£35m
£30m
£25m
£20m
£15m
£10m
£5m
£0m
Gross Buy to Let advances (2003-2013)
£45.7m
£20.7m
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: CML
Sources:
Council of Mortgage Lenders
ONS Population Estimates, August 2013
Department for Communities and Local Government
Nationwide House Price Index, May 2014
ONS Labour Market Statistics, May 2014
LSL Property Services plc Buy-to-let index, May 2014
Council of Mortgage Lender Q1 2014 arrears data
Datamonitor Financial Report, UK Mortgage Market: Forecasts and Future Opportunities,
October 2013
www.b2lonline.co.uk
The above factors will support ongoing
expansion of the buy-to-let market.
Datamonitor Financial is forecasting gross
annual buy-to-let lending of £27.2bn
by 2017 – an increase of 31% on 2013
lending levels. In order to sustain growth
expectations, it is therefore up to lenders to
support the buy-to-let sector by providing
customers and their intermediaries with
a suitable product range, high service
standards and quick response times.
At Leeds Building Society we remain
proactive in our support of the buy-to-let
market. We grew our buy-to-let lending
by 62% last year and continue to invest in
our systems and people to ensure that we
can continue to deliver the high quality
service expected of us.
Martin Richardson is general manager,
business development at Leeds Building
Society
Mortgages for landlords of
all shapes and sizes
A Buy to Let range that’s right up your street.
Looking for Buy to Let specialists? You’ve come to the right place. Whether you’re just starting out,
looking to expand your portfolio or considering remortgaging, we offer award-winning mortgages
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT
KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Registered Office: 1st Floor, Block B, Western House, Lynch Wood, Peterborough PE2 6FZ. Registered in England no. 947662.
INTERVIEW19
Sound
advice
Three market experts share their
wisdom with buy-to-let landlords
YING TAN
managing director
The Buy to Let Business
How to make the most out of buy to let
Protect yourself against rate rises by acting now. If current industry
rumours are to be believed we could see a rate rise around the turn
of the year so if you don’t have long left on your current deal it
would make sense to look into remortgaging now. If you’d rather
not remortgage try to make some overpayments, thus reducing
the amount you will have to mortgage when the time does come to
change products.
Don’t be afraid to increase rents. In theory rents should rise in
line with inflation every year. This isn’t always possible of course and
you may find a smaller increase or rent freeze might be the better option for now. But if your tenants can pay it
don’t be afraid to implement a rent rise.
However, if you have good tenants, keep them. Show them you value them by ensuring the property is in
a good condition. If you use a letting agent let them know that you will cover the costs of repairs immediately
allowing them to fix any problems straight away, informing you once work has been carried out. If you don’t use
a letting agent make sure you are contactable and respond to tenants’ problems quickly and efficiently.
If you’re looking to extend your portfolio or you’re new to the market don’t be tempted to rush into a
purchase just because the market is buoyant. Do your due diligence just as you would in a more difficult market.
Research the area and the type of tenant you’re after.
DAVID WHITTAKER
managing director
Mortgages for Business
How to expand your portfolio
The most common strategy used by landlords to expand their
portfolios is gearing. Simply put, gearing is borrowing to support an
investment; the borrowing is the buy-to-let mortgage and the investment is the property.
The advantages of gearing are firstly that it can improve the
return on your capital investment. For example, say you have
£100,000 to invest. You could buy one property for £100,000
without the need for a mortgage. Alternatively, you could buy four
properties worth £100,000 with a £75,000 mortgage on each. If
property values were to go up by 10% you would make £10,000 if
www.b2lonline.co.uk
20INTERVIEW
David Whittaker continued
How much gearing
you use depends upon
your appetite for risk
you had one property but £40,000 if you had four. Secondly, it can
increase your cash flow. If the cost of owning property is less than
the rental yield then your cash flow would be higher if you owned
four properties than just one.
Of course, there are risks, mainly not being able to service
the debt, so landlords should put aside cash to cover void periods,
unexpected maintenance costs, tenants who fail to pay the rent and
rate rises. Another risk is a decrease in the property’s value. Also,
landlords with larger property portfolios can pay higher interest
rates.
How much gearing you use depends upon your appetite for risk.
Borrowing to 75% loan-to-value (LTV) is fairly realistic if you only
intend to have one buy-to-let mortgage; however, if you plan to grow
a portfolio it might be prudent to gear to, say, 60-65% LTV.
ROBIN JOHNSON
managing director
Kinleigh, Folkard and Hayward
How to keep a balanced portfolio
Buy to let has become the “go-to” investment choice for many in
the UK as the volatility of other asset classes has encouraged many
investors to seek less volatile if illiquid investments. According to
the Residential Landlords Association (RLA), as many as 40% of
landlords have one or two investment properties. In London, 25% of
all homes are privately rented, while the same number is let by social
landlords. The government estimates that the figure for privately
rented household numbers could rise by a further 15% in just 10
years’ time, so demand looks set to continue.
Capital appreciation and reliable yields means buy to let will become even more popular given the likely contraction of the annuity
industry after the recent budget announcement (see page 8). However, many are now expecting the buy-to-let market to be
regulated in the not too distant future, with lenders and mortgage
advisers needing to provide audit trails to prove they have offered
a solution and a product that is appropriate to the customer’s
circumstances. This means an increase in demand will be met with
a more rigorous sales process. Tenancy agreements are also expected
to become more favourable to tenants in the future.
The end result will be that buy to let will become an even less
liquid investment.
Strategies for landlords must reflect their investment goals.
Property provides a good capital return over the long term but it is
illiquid and as the asset value grows the tax exposures can change
dramatically in terms of Capital Gains and Inheritance Tax. It’s
important that investment property is part of your broader plan and
ideally makes up part of a portfolio of mixed investments.
www.b2lonline.co.uk
It’s important that
investment property
is part of your
broader plan
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22CHOICES
Take your pick
A raft of
alternative
lenders, new
and old have
entered the buyto-let market in
recent years. So
what do they
have to offer?
Hilary Osborne
investigates
S
ince you took out your buy-to-let
mortgage with NRAM, Bradford
& Bingley or Mortgage Express, new
lenders have appeared on the scene
and, together with some of the
country’s smallest building societies,
they are offering a welcome alternative
for landlords looking for a new deal.
As well as competing on interest rates,
these lenders can offer something
more than the mainstream banks and
building societies, say mortgage brokers
– and perhaps the most important is a
willingness to look at applications on
their individual merits.
“High street lenders, with buy to
let as with residential lending, can be
very prescriptive,” says Stuart Gregory,
managing director of Lentune Mortgage
Consultancy. “Smaller lenders offer more
flexibility, and in some cases, manual
underwriting – no more ‘Computer Says
No!’.” David Hollingworth of London
& Country agrees, saying specialists
often have more flexible criteria than the
largest lenders.
Several advertise manual
underwriting – where a human being
reads through the paperwork and makes
a decision, rather than a computer
programme. This can be good news
for landlords with anything out of the
ordinary on their application. Instead
of a flat rejection, you may get the
chance to explain any quirks, and the
Small lenders may be more forgiving
around maximum age
underwriter will be able to decide if they
do pose a genuine risk to the lender or
your application is strong enough to be
accepted anyway.
www.b2lonline.co.uk
New lenders
Among the new lenders using manual
underwriting are Metro Bank, which
has branches around London and
the South-East and offers buy-tolet mortgages in that region. It
says every decision is based on a
customer’s personal circumstances.
Metro Bank also promises a
personal service, with one single
point of contact throughout the
application process. The bank
offers mortgages of up to £1.5m
and will consider applications
from landlords with portfolios of
up to six properties.
Another new player, Aldermore,
also assesses applications on a caseby-case basis and says it will consider
borrowers who have been turned down
by high-street lenders. It can offer deals
for landlords looking for higher than
standard loan to values (LTV) – it is
willing to lend up to 80% of a property’s
value, while many lenders stop at 75%.
It does not have a minimum income
requirement for experienced landlords,
and has a maximum age of 85 at the end
of the mortgage term, so it can be a good
option for investors seeking to borrow
into retirement.
Anyone in need of a higher LTV
could find a small lender more willing to
take them on than a mainstream player.
“For example Kent Reliance offers some
products up to as much as 85% LTV,”
says Hollingworth. It also considers older
borrowers – a set of investors who have
seen some of their options disappear
since the financial crisis. “Small lenders
like National Counties Building Society
and Bath Building Society may be more
forgiving around maximum age as well,”
adds Hollingworth.
OVERVIEW23
CHOICES23
WHAT SOME OF THE SMALLER LENDERS OFFER
Aldermore: launched in 2009 this small bank has loans for
new landlords and those with multiple properties on their
books. Loans are available up to 80% loan-to-value (LTV) and
all applicants are judged on a case-by-case basis – it does not
automatically reject applicants with recent job moves, multiple
income streams or little credit history. Tel: 0330 111 1838.
Bath Building Society: the West Country building society
will consider loans on properties across England and Wales. It
will arrange buy-to-let loans over up to 40 years and has no
maximum age limit for borrowers. It doesn’t credit score, using
manual underwriting to make decisions. It offers up to 80%
LTV on standard buy to let or up to 70% on HMOs. Contact a
mortgage broker for details.
Kent Reliance: the former building society offers a range of
buy-to-let loans for small landlords and professionals with large
portfolios. Will consider loans up to 85% LTV arranged over
terms up to 35 years. Recently dropped its minimum income
requirements for landlords. Tel: 0845 122 0033.
One downside of some of the
smaller lenders is that there may not be a
branch near you – which might not be a
problem if you are happy to do everything
remotely but may put some borrowers
off. A small number also restrict their
lending to a certain geographic area. Ellen
Roome, financial adviser at The Finance
Roome, says while both the Darlington
and Newbury building societies are good
in that they look at each case on its own
merits, they will only lend in certain
postcodes. As mentioned above, Metro
Bank lends only in London and the SouthEast of England at present.
Alternative lenders
Price-wise, alternative lenders are
not always the most competitive, says
Hollingworth, but it is still worth looking
beyond the main names. “Although
Leeds, Principality and Skipton building
societies are established lenders and not
especially small, they might not always
be the first that spring to mind when
Metro Bank: the first new high-street bank in more than 100
years has branches popping up across London and the southeast and will only consider buy-to-let mortgages in those areas
to applicants who have one of its current accounts. Qualifying
landlords can apply for loans up to 75% LTV and worth up to
£1.5m. Tel: 0345 08 08 500.
Price-wise, alternative lenders are
not always the most competitive
thinking about a buy-to-let mortgage but
both have offered excellent rates in recent
months,” he says. At the time of writing,
1 July 2014, Leeds Building Society was
offering a two-year fixed-rate deal at just
2.89% to landlords borrowing up to 60%
LTV, subject to a £999 fee.
For landlords looking for a variable rate
deal, Hollingworth says Hinckley & Rugby,
Furness and Marsden building societies are
also worth a look.
“Although big lenders may often
dominate on price, landlords shouldn’t rule
out smaller lenders,” he says. “They may
have the better price package or an approach
to lending criteria that may fit better,
especially for more niche situations.”
www.b2lonline.co.uk
24REPOSSESSION
How to deal with
problem tenants
N
ot all tenancies run smoothly and
each year thousands of landlords
find themselves in the position where they
need to evict a problem tenant.
The most common reasons are rent
arrears or breaking other terms in the
tenancy contract. But even if the tenant
owes the landlord a lot of money, evicting
them can be tricky.
“Although the circumstances vary
greatly from case to case, eviction can
often be a complicated, expensive and
lengthy process for all involved,” warns
Richard Lambert, chief executive of the
National Landlords Association, “It is vital
that landlords are fully aware of how to
seek possession correctly and within the
law by serving the appropriate notice to
their tenants and observing the required
timescales.”
Assuming the tenant has an Assured
Shorthold Tenancy (AST), in order to end
the tenancy the landlord needs to issue
one of two notices under the Housing Act
1988.
Section 8
A Section 8 notice can be served on a
tenant by a landlord during the fixed term
– normally six or 12 months – of an AST.
However the landlord must have
grounds to do so. These grounds include
rent arrears, although there has to be two
months’ rent arrears for a landlord to be
sure of gaining possession on this ground.
Other reasons might include breaking
the terms of the tenancy agreement – for
example anti-social behaviour, damaging
the property, illegal subletting or criminal
activity.
Section 21
The other notice that can be served on a
tenant is under Section 21 of the 1988
Housing Act. This is the notice a landlord
can give to a tenant to regain possession of
a property after a fixed term has expired.
It gives the tenant two months’ notice to
leave.
A landlord doesn’t need a reason
to issue a Section 21 notice so it’s often
known as a “no fault” eviction and can be
quicker and easier than using Section 8.
There are two types of Section
21 notice – Section 21(1) which was
historically issued during the fixed term
Sometimes a
landlord has no
choice but to get
rid of a problem
tenant – but it
must be done by
the book, explains
Emma Lunn
REFERENCING
The best plan to avoid having to evict a problem tenant is to get the
right tenant in the first place. Thorough referencing and credit checking
are essential and can be carried out by companies such as HomeLet,
RentGuard, Endsleigh and Experian.
If a tenant passes the reference checks, the landlord can usually
buy an insurance policy that pays out if the tenant defaults or has to be
evicted.
For those landlords who want to check out the tenant themselves,
ask for some ID, a reference from their previous landlord (you can check
at the Land Registry that the name you’re given is the true owner of
the property), an employer’s reference, permission to carry out a credit
check, and three months’ bank statements.
Asking for a guarantor – such as a parent – can add an extra level of
protection.
www.b2lonline.co.uk
OVERVIEW25
REPOSSESSION25
of a tenancy, and Section 21(4) which is
typically used after the tenancy has gone
periodic (i.e. monthly). However a recent
court case, Spencer vs Taylor which was
heard in December 2013, changed popular
thinking about which type of Section 21
notice can be used when, and the date the
notice must expire.
“The Spencer vs Taylor case will be
of great benefit to landlords because as
it stands now, in most cases a tenant will
not be able to defeat a landlord’s claim
A landlord doesn’t need a reason to
issue a Section 21 notice
for possession under Section 21 because
the wrong date of the month was put on
the notice,” explains Tessa Shepperson,
specialist landlord and tenant lawyer.
Using a specialist
Landlords can issue Section 8 or Section
21 notices themselves but many choose
to pay a specialist eviction service such
as Landlord Action, Legal4Landlords, or
Landlord Advice to issue the notice and
take further steps if necessary.
This should ensure the notice is
served correctly and with the right dates.
Landlord Action recently carried out a
study of 200 instructions received from
landlords and letting agents which served
their own legal notices and found 62% of
these notices contained mistakes.
Landlord Action managing director
Paul Shamplina warns that errors in
eviction notices are among the most
common reasons for delays and increased
costs when a landlord tries to recover
possession of a property.
He says: “I understand the need for
landlords to consider every cost but I
can’t stress enough that the notice is the
most important part of a possession court
case and the slightest mistake can end up
costing a landlord significantly more than
the cost savings – in extra legal fees, delays
and lost rent.”
Although figures from Landlord
Action show that around half of all
tenants leave after either a Section 8
or Section 21 notice has been served,
problems can arise if they refuse to go.
Going to court
If a tenant ignores either notice, the
landlord will need to get a possession order
from a court to enable them to evict.
In some areas of the country,
especially London, you can wait months
for a court date which means the eviction
process can become time-consuming and
expensive – especially if the tenant has
stopped paying the rent.
Once in court, if a landlord uses
a Section 8 notice they must state the
grounds on which they want possession
and bear in mind that the tenant may put
in a defence.
Getting a possession order via a Section
21 notice is more straightforward and can’t
be disputed, so most landlords prefer this
option. However, landlords should make
sure they have protected their tenants’
deposit in a recognized scheme – failure to
do so means you can’t evict via Section 21.
Court isn’t free and the cost went
up in April this year. From 22 April, the
fee for beginning possession proceedings
in a county court with an online claim
increased from £100 to £250, with the fee
for paper claims rising from £175 to £280.
A possession order normally gives the
tenant 14 days to leave the property. If the
tenant still doesn’t move out the landlord
will need to apply to the court for a warrant
of possession and arrange for a bailiff to
evict the tenant.
FURTHER INFORMATION
For further information on evicting private tenants, we suggest you visit the official
government website: gov.uk/private-renting-evictions.
www.b2lonline.co.uk
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TOP TIPS
27
Top Tips
– for investing in Houses
of Multiple Occupation
These top tips can help you make a success of investing in HMOs
1
Buy the right type of property
Go for a cheap property with lots of
rooms. Properties that owner occupiers
might reject (no parking, no garden,
ugly building) can prove ideal Houses of
Multiple Occupation (HMOs) as they are
cheaper and tenants may not be that
put off by these things.
2
Invest for the long term
Getting an HMO up to scratch
demands investment, often requiring
new bathrooms and kitchens. The
longer you can hold on to your
property the greater the return on your
investment is likely to be, so think 20
years rather than five.
3
Keep investing regularly
HMOs can generate more income
than single lets, but you need to keep
investing over the years to keep them up
to standard to achieve the best possible
returns.
4
Create the maximum number
of bedrooms
Convert sitting and dining rooms
into bedrooms to maximise your rent.
The rules dictate that a bedroom
needs natural light, an opening
window and must be a minimum of
70 square feet.
5
Don’t bother your Local
Authority unnecessarily
You don’t have to register with your
Local Authority except where you have
a Mandatory Licensable property which
is a three or more storey building let to
five or more tenants sharing a kitchen
or bathroom.
6
Do work with your Local
Authority where necessary
7
Give your tenants what they
want
With three-storey licensable
properties you have to apply for a
license and pay a fee within three
months of starting to let to five or
more persons. Note you can’t license
the property while it is occupied by
only four people.
Provide locks on the bedroom doors, a fully furnished house, including a
washing machine, central heating,
TV and broadband.
8
Offer all-inclusive rent
It can make sense to include
the cost of energy bills, water, TV,
broadband and council tax in the rent
– many HMO tenants seem to prefer
this arrangement.
9
Treat your tenants well
Respond to complaints
and arrange repairs quickly –
preferably within 48 hours. Log
all complaints and photograph with
a date stamp camera as necessary for
evidence.
10
Keep the rent coming in
It’s best to follow up arrears
immediately, and don’t allow
non-payment even once.
SHARE YOUR TOP TIPS
Do you have any tips on being an HMO landlord to add?
Share your thoughts in the ‘comment’ section under this
article on b2lonline.co.uk/TopTips.
www.b2lonline.co.uk
28STATISTICS
Vital Statistics
GROSS BUY-TO-LET ADVANCES IN
PERIOD (BY NUMBER)
a round-up
TOTAL NUMBER OF BUY-TO-LET
DEALS AVAILABLE
650
50000
40000
600
30000
550
20000
500
10000
0
Q1
Q3 Q4 2014
Q4 Q1 Q2
Q1 Q2 Q3
2013
Q4
Q3
2012
Q4 Q1 Q2
2010 2011
Source: Council of Mortgage Lenders (CML)
buy-to-let deals
on offer
343
fixed rates
available under
5%
Moneyfacts
(9.7.14)
Oct Nov
2013
Dec
Jan
2014
Feb
Mar
Apr
May Jun
Source: Moneyfacts (9/7/2014)
655
Moneyfacts
(9.7.14)
450
NUMBER OF FIXED BUY-TO-LET
DEALS AVAILABLE AT 5% OR LESS
350
300
250
200
Sept
2013
Oct
May Jun
Mar Apr
Jan Feb
Nov Dec 2014
Source: Moneyfacts (9/7/2014)
www.b2lonline.co.uk
STATISTICS
29
of the key facts and figures from the buy-to-let market
MORTGAGES 3+ MONTHS IN
ARREARS AS A PERCENTAGE OF
ALL BUY-TO-LET MORTGAGES
3.50
47,000
buy-to-let mortgages
lent in first quarter
2014
3.00
2.50
CML
2.00
1,400
1.50
1.00
buy-to-let properties
repossessed in
first quarter 2014
0.50
0.00
Q1
2011
Q4 Q1
2014
Q1 Q2 Q3
Q3 Q4 2013
Q1 Q2
Q4
Q2 Q3
2012
CML
Source: Council of Mortgage Lenders (CML)
TOTAL UNEMPLOYMENT IN THE
UK IN MILLIONS
3.0
NUMBER OF BUY-TO-LET
MORTGAGES TAKEN INTO
POSSESSION DURING PERIOD
2,000
1,500
2.5
1,000
500
2.0
Q2
Q4 Q1
Q2 Q3
2012
2011
Q3 Q4
Q3
Q1 Q2
2013
Source: Office for National Statistics (ONS)
Q4 Q1
2014
0
Q3 Q4 Q1
2014
Q4 Q1 Q2
Q1 Q2 Q3
2013
Q2 Q3 Q4 2012
Q1
Q4
Q3
2010 2011
Source: Council of Mortgage Lenders (CML)
www.b2lonline.co.uk
FORUM
30
Any advice?
Vanessa Warwick takes a look at a trending forum topic at landlord
website propertytribes.com. In this issue: property portals
Which property portals should I use and why, and
do you have any tips on how to get the most out
of property portals in terms of research?
VW: The data provided by Rightmove and Zoopla is
extremely useful for due diligence purposes when
analysing a property investment. Rightmove is the
largest property portal in the UK with the most
listings, while Zoopla is the second. You can use both
Rightmove and Zoopla to get a feel for:
● How many properties of the type you are
considering are on for rent
● A rough estimate of what different property types
are achieving in rent in the area
● How long the property has been marketed for – this
can give an indication of the health of the local
market.
Vanessa Warwick
Landlord and co-founder
of propertytribes.com
● The drop down ‘For Sale’ menu allows you to select
new homes only
● ‘Rightmove Market Trends’ uses the biggest set of
property information to provide you with an insight
into market activity in your area
● You can use the “Create an alert” feature to be
notified when properties meeting your criteria are
added to Rightmove.
How to make the most of Zoopla
Click the “Let agreed” button to see how many
properties of your type have been let. This will also
show you which agents are achieving lets in your area
and these will be the agents worth calling to get their
view on the market, and also to list your property with
when you have bought it.
Getting the most out of Rightmove
● Rightmove has a ‘Draw a search’ function to create a
bespoke selection of suitable properties for you
● On the right hand side of any property’s details,
there is a box that gives you recent sold comparables
● The “Maps and Schools” tab shows you the schools
in the locality, links to Ofsted reports where relevant,
and also distances to the nearest transport links
● There is also a broadband availability and speed
finder
● The ‘House Prices’ tab gives you the low down on
average and individual sold prices since May 2000
● ‘Rightmove Price Comparison’ brings together
Rightmove, Land Registry and Registers of Scotland
current and historic prices in one place
● You can search for London property close to tube
stations using the ‘London Tube Map feature’
Zoopla is similar to Rightmove in terms of how you
define your search, but has some different elements.
● It has a key word search function, so you can drill
down on niche words such as “tenanted”, “no
chain”, “refurbishment”, “cash buyers only”. Click
on the “Refine Search” button to access this, and you
can also create an “email alert” for any properties
that meet your specific criteria
● The “Filter your search” function allows you to
define your search further and the “chain free”
option is worth clicking on as these might potentially
be properties where a deal can be done
● Situated bottom left on the search page, the
“Currently available in...” shows how many
properties of each property type are listed in the area
you are searching on.
Zoopla also has all the usual house price comparisons
and valuation tools as Rightmove which can be accessed
by clicking the tabs on the top of the page.
www.b2lonline.co.uk
CONTACT DETAILS
31
Help is at hand
Here are all
the essential
contact
details you
need to get
in touch with
your lender
PORTFOLIO BUY-TO-LET BORROWERS
If you have a portfolio of five or more NRAM, Bradford & Bingley or Mortgage
Express buy-to-let mortgages:
Call 0844
892 1887*
NRAM
For other NRAM buy-to-let mortgage queries:
Call 0845
609 9610*
Web www.nram.co.uk
BRADFORD & BINGLEY
For other B&B buy-to-let mortgage queries:
Call 0844
892 2590*
Web www.bbg.co.uk
MORTGAGE EXPRESS
For other MX buy-to-let mortgage queries:
Call 0844
892 2591*
Web www.mortgage-express.co.uk
*Calls may be monitored or recorded. 0844 and 0845 numbers may be charged at a higher rate than
local and national calls and will vary between providers. Check with your provider.
NRAM plc, Bradford & Bingley plc and Mortgage Express. Registered office: Croft Road, Crossflatts, Bingley, West Yorkshire, BD16 2UA. NRAM plc
(Company No. 3273685), Bradford & Bingley plc (Company No. 3938288) and Mortgage Express (Company No. 2405490) are all registered in
England and Wales and are authorised and regulated by the Financial Conduct Authority (FCA). NRAM plc FCA Reg. No. 106081. Bradford & Bingley
plc FCA Reg. No. 106126. Mortgage Express FCA Reg. No. 305572.
NRAM plc, Bradford & Bingley plc and Mortgage Express are part of the
UK Asset Resolution Limited group.
www.b2lonline.co.uk