Money, money, money.....it makes the world go round, and so it is important to save what you can and make the most of what you have.
As a landlord you have significant assets in property which need to be looked after and protected, whether that is done by using an agent to manage the day-to-day eventualities, employing an accountant to help with your end-of-year returns, or by ensuring you are financing the property through the right types of mortgage.
The good news is there are lots of people available to help you with these tasks and we thought this time we would bring not just one expert guest, but two!
We were delighted to welcome both Alex Norian, a qualified accountant, and tax advisor who specialises in helping landlords, and Shelley Powell an expert independent mortgage advisor who joined us to record specialist updates on each sector.
Tax is especially interesting at the moment and Alex covers with us-
*Making Tax Digital - HMRC's new way of tracking and looking at tax for those completing self-assessments.
*Capital Gains Tax, and its relevance for landlords.
*Tax efficiencies that landlords can make.
Shelly gives borrowing updates on -
*How legislation changes such as EPC's ratings can affect B2L borrowing.
*The best rates and products available in the B2L market.
*Tips for re-mortgaging and when to think about doing it.
Both videos are linked below for your enjoyment!
Tax for Landlords with Alex Norian, of IWN Accountancy and Property118.com -
Mortgage Update - with Shelley Powell -
Shelley's top things to consider when Re-mortgaging a BTL property. - If you are coming towards the end of your current deal, make sure that you do compare the market fully. Lender follow on rates can be considerably more expensive than for new borrowers.
- If considering a lender change, double check your credit file over the last 12 months. If there are any blips it is by no means a deal breaker but could have a variable impact depending on the lender. This is where using a broker can be particularly beneficial.
- If your property hasn’t been marketed for some time, it could be an idea to take some internal pictures of the property to show the current condition. Lenders will generally want to visit the property to conduct a valuation. However, since Covid, lenders are making more use of desk top valuations. Up to date photos will help avoid a down valuation based on historic data. Also, if a physical inspection is needed, do have a chat with the tenant to make sure that they are happy with this.
- Energy Efficiency Regulations have introduced new minimum standards of energy efficiency for private rented properties. In England and Wales, landlords must ensure their properties have an Energy Performance Certificate (EPC) rating of ‘E’ or higher - this applies to properties where there are existing tenants, as well as properties where a new tenancy is being created. Many lenders will not progress to valuation if the subject property is not compliant. For England and Wales - Find an energy certificate
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Shelley's Top Headline Rates* correct on 7th October 2021
5 year fixed at 75% LTV| Lender | Rate | Fees | | Platform | 1.96 | 0 | | Santander | 1.84 | 1034 | | The Mortgage Works | 1.69 | 2295 |
2 year fixed rate at 75% LTV| Lender | Rate | Fees | | Platform | 1.71 | 0 | | Natwest | 1.73 | 30 | | Barclays | 1.92 | 35 |
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For any property related querys please remember we're here to help!
Or call us on 01202 554470 Email Us |
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