You are currently browsing the Greenlight Mortgage Services Blog weblog archives for May, 2008.
20/05/2008 by admin.
Hi
Once again from the Mortgage Solutions Website:
Growing number of families choosing to rentRents continued to rise in April as tenant demand for private rented properties grew – especially among people in their 30s and 40s and those with families.
Paragon’s latest buy-to-let index has reported that rents have risen nearly 14% over the last year to stand at £12,048 in April, having just broken the £1000 a month barrier in March. And according to separate research, Paragon has found the average age of tenants has reached 32.8, from 31.0 at the start of 2007.
John Heron, managing director of Paragon Mortgages, said: “We have known for some time that the tenure of the UK is changing as a growing and more diverse demographic are choosing private rented homes – the percentage of households living in private rented accommodation rose from 10% in 2002, to 12% in 2007. There is no doubt tenant demand is following an upward trend.
“But the recent lack of mortgage availability for potential first-time buyers, as well as a fall in confidence in the housing market has caused more people to stay in private rented homes for longer. If the situation does not improve for first-time buyers, we will soon arrive at levels of demand for private rented homes that we previously wouldn’t have expected to see for many years. The trend is definitely accelerating.
Heron said that with rents rising and investment property prices beginning to cool – by 0.5% over April – landlords’ yields look set to rise above their current level of 6.3% if tenant demand continues to grow: “With buying opportunities for landlords presenting themselves as house prices moderate, we expect to see further expansion of the private rented sector over the next couple of years.”
Regards
Wasim
Also on our Blog at http://glmsltd.blogspot.com/
Main Greenlight Mortgage Services Ltd website at www.glmsltd.com
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20/05/2008 by admin.
Hi
I found this interesting article on the Mortgage Solutions Website:
There is currently no evidence of a market crash, according to data collated by research firm Asstez.
It has reported property prices have remained firm since the beginning of the year, with a current average of £211,014 in April – down only £4,015 (1.9%) from the peak experienced six months ago – £215,089 in October 2007.
The average house price in April 2008, taken from the average price provided by all five major indices showed a decrease of just £915, compared with the previous month’s average figure and an increase of £2,279 in the twelve months from April 2007, when the average price of a home was £208,735.
Stuart Law, chief executive of Assetz, said: “While house prices fell by 0.6% in April, prices remain up on the previous year and I am yet to see any firm evidence of a housing market crash. We saw a steep increase in house prices leading up to a peak in October last year.
“This was widely regarded as an unsustainable level of growth and we are currently embedded in a period of stabilisation, throughout which house prices in this country have remained extremely robust in spite of the difficulties in the mortgage market – down only 1.9% in April since the highest recorded average, taken in October last year - a far cry from the property crash that many commentators are misleadingly quoting.
“Over the long term, demand for housing will continue to outstrip supply and with Government targets of three million new homes by 2020 now looking impossible, as a number of housebuilders announce a halt to new starts, this will support future house prices and rental growth.
“The mortgage market problems (and to some extent the uncertainty over the housing market) is at present causing significant pent-up demand from first-time buyers, and once the mortgage market frees up I expect this demand to return strongly. The effect of this release of demand back into the purchase sector will probably surprise many, supporting house prices and even causing them to grow again in due course.
“The risks to house price stability over the coming months are primarily driven by the mortgage market. However, with announcements from some mortgage lenders that they are now reducing their mortgage rates, movement should return to the market and we should soon return to a degree of normality, perhaps as soon as September.”
Regards
Wasim
www.glmsltd.com also mirrored at http://glmsltd.blogspot.com/
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19/05/2008 by admin.
Hi
Our Mirror Blog on Blogger.com is http://glmsltd.blogspot.com/
Regards
Wasim
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19/05/2008 by admin.
| HiJust had this update through from Mortgage Express re their policy on Sub-Sales:
Reminder - lending criteria 16/05/08 |
|
We have developed our product criteria to ensure that we are making sound lending decisions based on true property values. Our basic principle for House Purchases is that we will lend on the lower of purchase price (less any discounts), or valuation. We reserve the right to decline any types of transaction that are found to contravene this principle at any time before release of funds. In particular:
Example of an unacceptable transaction involving a third party This is only one example of the types of transaction that are unacceptable to us. There are still lenders out there that will look at Sub-sales, so its just a matter of checking the criteria before you opt from a mortgage product. Regards Wasim Please visit our main site Greenlight Mortgage Services Ltd at www.glmsltd.com |
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19/05/2008 by admin.
Hi
We have recently added this Blog to Blogger.com as well.
Once ready i will update this site with the details and both Blogs will mirror each other.
Thanks
Wasim
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15/05/2008 by admin.
We are looking to expand our products to include:
Please re-visit the site for an update soon.
Thanks
Wasim
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02/05/2008 by admin.
By John Fitzsimons
Brokers expect the buy-to-let market to continue to grow in 2008, albeit at a slower rate than previously, according to new research by The Mortgage Works (TMW).
When questioned on prospects for the sector in 2008, 47% of advisers surveyed said from their experience of business in the year so far, they predicted a slightly slower rate of growth than 2007.
However, market turbulence is having an effect on investors, with 70% of brokers reporting their clients are now more likely to investigate whether products have flexible features. And in an indication of investors’ belief that interest rates will fall, just one in five brokers reported their clients were now likely to opt for long-term deals, while 62% stated their clients were most likely to choose tracker products.
Andy McQueen, managing director of TMW, said the fundamentals of the sector were strong, and described the restrained optimism of brokers as “pragmatic”.
Commenting, Nick Blunt, head of business partner development at Mortgages For Business, said the results mirrored his own experiences this year, with existing landlords expecting to expand their portfolios, although he acknowledged difficulties in the market had made cases slightly harder to place, with a different mix of lenders involved compared to last year.
He added: “It is difficult to predict where the market goes from here in terms of prospects for 2008, but it should still be strong so long as the lenders’ appetite to lend remains. The appetite for business from the investors is as strong as ever.”
Nigel Payne, managing director of HBOS subsidiary The Mortgage Business, stressed buy to let was a resilient market, with the majority of investors in it for the long term, and argued that for this group, the current market problems represented a great opportunity.
“With the expectation that interest rates are not going to go up, and will most likely fall further, it is no surprise they are looking at tracker rates rather than fixed deals. The issue they face is that the range of options for them has reduced.”
Taken From The Mortgage Solutions Website
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02/05/2008 by admin.
Hi
Just wanted to welcome our visitors to our blog site and introduce ourselves and our services.
Greenlight Mortgage Services Ltd (GLMS) is owned and operated by property investors. Within our group we hold well over 150 properties across the UK and are made up of all types of properties.
GLMS was set up primarily to deal with “Internal” mortgages but we are now rolling our services out to other Investors.
Also within our group of companies we have a Conveyancing Firm, Winchesters Solicitors and a bridging finance company, Fairtrade Finance Ltd.
The Purpose of this Blog will be to keep our clients, both Internal and External, upto date with what is happening in the Mortgage Industry especially with Buy To Lets and Residential.
Just to finish for today, keep coming back regularly to keep upto date and post your thoughts and comments as well.
For now have a Great Day!!
Regards
Wasim
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