First-time Buyers, Re-mortgages Lift Mortgage Approvals

The UK’s mortgage market showed some signs of growth in January, with first-time buyers and re-mortgage activity, driving the improvement, two data releases showed. And, looking ahead, expectations suggest the UK’s housing market will be a little busier during 2017 than had been previously anticipated. Indeed, the Bank of England’s (BOE) Monetary Policy Committee (MPC) has upwardly revised its expectations for mortgage approvals and is now forecasting an average of 71,000 mortgage approvals per month.

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Letting rooms versus single unit lets: the pros and cons

Now that both the cost of letting and taxation have increased for landlords, many are taking some time to review their portfolio, to see how these costs can be mitigated. One way to do that is to increase rental income by changing the way the property is let and a lot of landlords are considering a move into the HMO market – that’s letting individual rooms in the property, which is categorised legally as a House in Multiple Occupation. If this is something you are considering, here are some of the pros and cons you should be aware of.

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Five mistakes landlords make

While the quality of landlords and their understanding of the Buy-to-Let market has undoubtedly improved in recent years, there are still some fundamental mistakes that are made - both by those who are new to the business and by landlords who would consider themselves experienced. Here are five of the most common:

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Splitting up or getting together – dealing with a tenant’s change in circumstance

When a tenant’s personal circumstances change, it may not occur to them to let their managing agent or landlord know, especially as it may be quite a stressful time. However, it is important for all parties to understand the implications of a change in the number or identity of people living in a rented property. For a landlord, it’s especially important to know exactly who is living in your property so that you can ensure that the let is fully legal and you are covered should anything go wrong.

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Why property hotspots don’t necessarily matter

One thing that property investors - particularly those looking for their first Buy-to-Let – always want to know is: where is the best place to buy? And for many years now, the term ‘hotspot’ has been used in the media and by companies that offer investment opportunities, to refer to locations where they say good returns are virtually guaranteed.

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