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Essex landlord banned for three years after HMO court case

August 5, 2024August 5, 2024 interestratesinfo

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A rogue landlord who was also a letting agent in Essex has been banned from being a landlord for three years.

Ruhul Mohammed Shamsuddin is now prevented by law from letting houses, engaging in letting agency work or managing properties, and could face both imprisonment and a fine of up to £30,000 if he breaks the banning order, which applies to England only.

He is also prevented from being involved in any company that carries out any of the duties outlined above.

His banning order has been secured via a First Tier Tribunal Property Chamber after Shamsuddin was convicted last year of half a dozen offences in relation to a property at 12, Clifftown Road in Southend-on-Sea (main image) at Colchester Crown Court.

What’s happening to buy-to-let mortgage rates?

August 5, 2024August 5, 2024 interestratesinfo

Average buy-to-let (BTL) mortgage rates have fallen to the lowest levels since September 2022, but remain well above 5%.

While falling rates are good news for landlords, those due to remortgage will face higher repayments, and investors might still think twice before expanding their portfolios.

Here, Which? explains what’s happening to BTL rates and reveals the cheapest deals currently on the market.

Meet Generation Rent: Three in 10 younger Brits prefer to rent than buy a home

July 29, 2024July 29, 2024 interestratesinfo

New research reveals three in 10 Brits aged 18-34 can afford to buy a home but choose to rent, with renting a big topic of focus for the Labour party following their landslide victory, which includes plans to protect tenants more and new energy efficient targets.The research, conducted by popular rental brand UNCLE, has delved into British renters’ stance on renting vs homeownership. Being financially stable enough to get a foot on the property ladder is a huge factor when it comes to buying a home. However, UNCLE’s research found…

Buy-to-let mortgage market has shrunk ‘amid challenges for landlords’

July 22, 2024July 22, 2024 interestratesinfo

Strong rental demand and lending standards could mean the buy-to-let sector emerges from the downturn sooner than expected, UK Finance said.

The volume of lending for buy-to-let (BTL) house purchases more than halved over the course of 2023, according to a banking and finance industry body.

The number of new mortgage deals being granted for this purpose fell from 25,280 in the fourth quarter of 2022 to 12,422 in the first quarter of this year.

Rapidly rising interest rates played a major role in this trend, making it harder for those looking to buy a BTL property to pass lenders’ affordability tests, UK Finance said.